SEISS Grant 4: What to expect from next SEISS grant – date, amount, how to apply
Martin Lewis provides last-minute advice on third SEISS grant
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Lockdown measures and the closure of businesses has caused upheaval around the world, with businesses closed, workplaces unable to keep staff on and the risk of a double-dip recession. In order to provide help to the Self-Employed, the Government introduced the Self Employment Income Support Scheme or SEISS.
The fourth SEISS grant is now due to be issued in just a few months, with claimants eager for more information.
Britons will be able to claim money to cover the period between February and April 2021.
The Government has said the SEISS scheme one of the most generous self-employment support schemes worldwide put in place during the pandemic.
Officials confirmed last year there would be a fourth SEISS grant to cover the period of February to April.
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However, more information won’t be available until Chancellor Rishi Sunak outlines his budget on March 3.
In a video, Money Expert Martin Lewis said the decision to make people wait until March for details “unnecessarily cruel”.
He said: “The fourth grant period is to cover the months February, March and April.
“Yet the confirmation I’ve had from the Treasury is that there will not be an announcement made on the amount of that grant, and who’s eligible for that grant, until the Budget, which is on March 3.
“So over a month after the grant period starts, there won’t be news on exactly how much money you can get and who is going to get it.”
As yet, the government has not issued any further details of the amount or percentage of wages covered.
However, claimants will be able to take indications from the third SEISS grant according to Mr Lewis.
The third SEISS grant covered 80 percent of self-employed workers’ earnings up to £7,500.
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This lasted for the period from November 2020 to January 2021.
Mr Lewis said you can expect the fourth grant will also cover 80 percent of earnings from February to April.
To apply for SEISS you will need to meet all of the eligiblity criteria.
You must have traded in both tax years:
- 2018 to 2019 and submitted your Self Assessment tax return on or before 23 April 2020 for that year
- 2019 to 2020
You must either:
- be currently trading but are impacted by reduced demand due to coronavirus
- have been trading but are temporarily unable to do so due to coronavirus
You must also declare that:
- you intend to continue to trade
- you reasonably believe there will be a significant reduction in your trading profits
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
There will likely be a deadline for claiming the fourth grant, like the ones previously.
The third grant deadline was January 29, 2021 – with no applications accepted after this date.
The grant will not need to be repaid if you’re eligible, but will be subject to Income Tax and self-employed National Insurance and must be reported on your 2020 to 2021 Self Assessment tax return.
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