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Fourth Self-Employment Income Support Scheme to open from the end of April

by | Apr 12, 2021 | Covid, Self assessment, Tax planning, VAT

The online service to claim the fourth grant covering 1 February 2021 to 30 April 2021, will be available from late April 2021. If you’re eligible based on your tax returns, HMRC will contact you in mid-April to give you a date that you can make your claim from. It will be given to you either by email, letter or within the online service.

You must make your claim on or before 1 June 2021.

The fourth grant is calculated at 80% of 3 months’ average trading profits. It will be paid out in a single instalment and is capped at £7,500.

Find out more information on how HMRC works out your trading profits.

Eligibility

To be eligible for the fourth grant you must be a self-employed individual or a member of a partnership. You cannot claim the grant if you trade through a limited company or a trust.

You must have traded in both tax years:

  • 2019 to 2020 and submitted your tax return on or before 2 March 2021
  • 2020 to 2021

You must either:

You must also declare that you:

What you can do now

  1. Find out who can claim
  2. Check that your business has been impacted by coronavirus.
  3. Find out how HMRC works out your grant.
  4. Make your claim when the service is available.
  5. Find out what happens after you’ve claimed.

Caution

HMRC are receiving very high numbers of calls, however you can contact HMRC if you cannot get the help you need online.

You will access this scheme only through GOV.UK. If someone texts, calls or emails claiming to be from HMRC, saying that you can claim financial help or are owed a tax refund, and asks you to click on a link or to give information such as your name, credit card or bank details, it is a scam. You can check a list of genuine HMRC contacts

Disclaimer

This information is based on information available as of 12 April 2021.  Further information and guidance will be made available as it is released.

Further information

There will be a fifth grant covering May 2021 to September 2021. Guidance on how to claim the fifth grant will be provided in due course.

Click here for other help you can get.