SEISS grant #4: details on when and who can claim
You must be sick to your teeth by now of all the different COVID-19 government schemes doing the rounds but hey, at least they're still happening right? We weren’t even supposed to have a fourth SEISS grant so although the subject is an old one, we are still thankful that it is happening! But what is different about the fourth grant, if anything? And who is eligible to claim, when can you claim and how much will you get?
The fourth grant can be claimed online from mid-April. If you are eligible you should have already been contacted by HMRC to give you a date from which you can make a claim. HMRC contact eligible claimants based on their trading profits and non-trading income on their Self Assessment tax returns. This would have been by email, letter, or within the online portal itself. The claim must be made on or before June 1st 2021 and you’ll need to confirm you meet the eligibility criteria when making your claim.
So what makes you eligible? As with previous claims, your business must have been impacted by reduced activity, capacity and demand or have been previously trading but are temporarily unable to do so. HMRC have already provided a list of examples (non-exhaustive) under which the circumstances would apply:
The claimant had fewer customers or clients than they’d normally expect, resulting in reduced activity due to social distancing or government restrictions.
- They had one or more contracts be cancelled and not replaced.
- They carried out less work due to supply chain disruptions.
- Their business has had to close due to government restrictions.
- They have been instructed to shield or self isolate in line with NHS guidelines and are unable to work from home.
- They have tested positive for coronavirus and are unable to work.
- They cannot work due to caring responsibilities, for example as a result of school or childcare facility closures.
Unfortunately, if you submitted your Self-Assessment tax return for the year 2019/20 on or after March 3rd 2021 then you will be unable to claim. Also, if you are making a claim it’s imperative to make it yourself and not via a dedicated tax agent or advisor as this could trigger a fraud alert which may delay payments.
Speaking of payments - what’s the tea? The fourth grant is worth 80% of average monthly trading profits, capped at £7,500 in total for a three month period. Should your claim be successful you should receive your grant within six working days to your designated bank account.
Now, the last bit, what do you need to make a claim? The good ol’ faithfuls:
- Unique taxpayer reference number (UTR).
- National Insurance number.
- Government gateway user ID and password.
- Your UK bank details including account number, sort code, name on the account and the link address.
- A glass of wine (optional).
If your business recovers after the claim then your eligibility won’t be affected as this is based on the reasonable belief that your trading profits were significantly reduced at the time of the claim. Make sure to keep a copy of all your records and references and there you have it!
- Don’t miss the P60 deadline
- Working from Home Tax Relief 2021/22
- The Coronavirus Job Retention Scheme: Past, Present & Future
Written by Aoibheann Byrne | BrightPay Payroll Software
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