Self-employed Brits have just days left to apply for the fourth SEISS grant.
Through SEISS - known officially as the Self-Employed Income Support Scheme - eligible workers can claim a grant worth a maximum of 80% of three months' trading profits, capped at £7,500.
And unlike the previous three cash supports, the latest grant includes 2019/20 tax returns if you filed by 11.59pm on March 2 - meaning an extra 600,000 people are now able to claim the support.
The other grants didn’t take into account the 2019/20 tax year.
So if you think you could be eligible, time is running out to apply for the latest cash injection as applications are only open until June 1.
Have you had trouble claiming the fourth SEISS grant? Let us know: mirror.money.saving@mirror.co.uk
We explain everything you need to know about who can claim money through SEISS.
SEISS was launched at the start of the coronavirus crisis to help people recover lost earnings, with three grants having already been dished out.
Who is eligible for the fourth SEISS grant?
To claim the fourth grant, the following must apply to you. You must have:
Filed a 2019/20 tax return
Traded in both the 2019/20 and 2020/21 tax years - and continue to trade beyond this
Seen your business impacted by the coronavirus crisis
Earned at least 50% of your total income from self-employment
Recorded average trading profits of £50,000 a year or less
Crucially, you don’t need to have claimed any of the three previous SEISS grants to be eligible for the fourth one.
This means you could be entitled to money now despite not being able to claim it before.
You can also keep working while you claim for the fourth grant, but your business must be disrupted by coronavirus.
For example, the pandemic has meant you can’t see as many customers as normal.
The money from the fourth SEISS grant is designed to cover February, March and April.
How do I apply?
If you are eligible for SEISS, HMRC should have contacted you via text, email or post with the date for when you can apply.
You should note that each application date is personalised, so you won’t be able to submit your claim before this date.
But if you miss your slot, you’ll still be able to claim until 11.59pm on June 1.
You'll need to apply on the Gov.uk website, which will ask you for the following information:
- Self Assessment Unique Taxpayer Reference (UTR)
- National Insurance number
- Government Gateway user ID and password
- Your bank details
If you haven’t heard from HMRC, and you think you should be eligible, you can check online via the Gov.uk website.
You can also call HMRC on 0800 024 1222.
Applications for the fourth SEISS grant opened for some from April 22.
Will their be a fifth SEISS grant?
Yes, the government has said there will be a fifth and final SEISS grant - but details are still scarce.
Chancellor Rishi Sunak confirmed the fifth grant would be happening in his Budget back in February and said it will cover loss of profits through May until September.
But like the previous instalments, it will still be worth an average of three months’ profits - which in theory means self-employed Brits aren't covered for two months.
The government will use a turnover test comparing the year April 2020 to April 2021 to determine how much you can claim for the fifth grant.
If your turnover has dropped by 30% or more, you'll be able to claim the full grant worth 80% of three months’ average trading profits, capped at £7,500.
For those who have seen their turnover fall by less than 30% , you'll be able to claim a grant worth 30% of three months' average trading profits, capped at £2,850.
The fifth grant is expected to available from late July - but again this hasn't yet been confirmed.
We also don't yet know if the eligibility criteria will be different for the final instalment.
