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Government Readies For Fourth SEISS Grant

Chancellor Rishi Sunak announced further details of the next steps in the self-employment income support scheme (SEISS) in his 2021 Budget. The grant allows self-employed people whose business and income had been affected by the pandemic to claim money from the Government.

iNews reports that there are a further 600,000 newly self-employed people who now be able to claim for the grant. There have been three rounds of SEISS payments already, and the Chancellor revealed more information about the latest round of payments during his Budget announcements, but how do you apply?

The fourth SEISS grant will be available to claim via GOV.UK from April, and will cover February, March and April.

Eligible claimants who meet the required criteria can claim for up to 80 per cent of their average monthly profits, which will be capped at £2,500. Mt Sunak also confirmed that there will be a fifth payment to cover claims from May to July, and claims will be open from late July.

The Chancellor said that the support would be scaled back slightly for this instalment, with the full 80 per cent grant given to people whose turnover has fallen by 30 per cent or more.

He told MPs: “People whose turnover has fallen by less than 30 per cent will therefore have less need of taxpayer support and will receive a 30 per cent grant.”

 

To apply, you will need your:

  • Self Assessment Unique Taxpayer Reference (UTR)
  • National Insurance number
  • Government Gateway user ID and password
  • UK bank details including account number, sort code, name on the account and address linked to the account
  • Only provide bank account details where a BACS payment can be accepted

You may also need to answer questions about your passport, driving licence or information held on your credit file, and you must make the claim yourself. A tax agent or adviser cannot claim on your behalf as this will trigger a fraud alert, which will delay your payment.

 

If you’re looking for a tax accountant in Winslow, talk to us today.

Published On: March 18, 2021

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