SEISS: Claimants urged to ‘be aware’ of eligibility change for SEISS grant 4 | Personal Finance | Finance
The Self-Employment Income Support Scheme (SEISS) has to date provided three taxable grants to eligible claimants. The subsequent grant is due to open for functions from the tip of April. Eligible claimants will probably be contacted by HMRC in mid-April with a private declare date to apply from.
The full eligibility standards for the fourth grant has not but been launched by HMRC.
However, Rishi Sunak confirmed within the Budget final month extra folks will probably be eligible for the fourth SEISS grant than beforehand was the case.
The Chancellor mentioned hundreds of newly-self employed folks will now have the option to entry the Government help.
The information has been welcomed by many individuals who’ve struggled to preserve their companies afloat throughout lockdown.
READ MORE: When does furlough finish within the UK? Will or not it’s prolonged once more?
Self-employment consultants informed Express.co.uk self-employed folks ought to now “be aware” the eligibility standards for SEISS has now modified.
Tommy McNally, tax professional from Tommys Tax, informed Express.co.uk: “The most important thing is to notice that the criteria has changed. People who were previously excluded are now included.
“People who have filed their 19/20 tax form and are newly self-employed are now eligible, so that will be a whole new bunch of people who will meet the criteria which is really good.
“So my biggest piece of advice is to be aware of the changes and check if you’re included this time.”
For the 2019/2020 tax yr, the claimant’s tax return will need to have been submitted by March 2, 2021.
The fourth grant just isn’t open to individuals who have buying and selling earnings above £50,000.
For somebody to get the fourth grant, their buying and selling earnings should even be at the very least equal to their non-trading earnings.
The Government web site explains claimants should “be currently trading but are impacted by reduced demand due to coronavirus” or “have been trading but are temporarily unable to do so due to coronavirus”.
Claimants should additionally declare they “intend to continue to trade”, in addition to affirm they “reasonably believe” there will probably be a “significant reduction” in buying and selling earnings due to both “reduced business activity, capacity, demand or inability to trade due to coronavirus”.
Got a query about furlough or the Self-Employment Income Support Scheme (SEISS)? Email firstname.lastname@example.org and we’ll do our greatest to get consultants to remark in your query in an article.