SELF EMPLOYMENT INCOME SUPPORT SCHEME FOURTH GRANT

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  • To be eligible for the fourth grant, you do not have to have been eligible for the previous grants. This differs from the previous grants.

  • You must be currently trading, or temporarily unable to do so due to the coronavirus, and intend to continue trading and have traded in 2019/20 and 2020/21.

  • You must have submitted your 2019/20 tax return by 2 March 2021.

  • Your 2019/20 trading profits must be £50,000 or less and your trading profits must be more than 50% of your total income.

  • This fourth grant can be claimed if coronavirus has a new or continuing impact on your business between 1 February 2021 and 30 April 2021 and that you reasonably believe that your trading profits for your whole accounting period will be significantly reduced (excluding any grants claimed). You must keep evidence to support your claim to have been adversely impacted by the virus. You have to make a declaration to this effect as part of the claim process.

  • You’ll get a taxable grant which will be 80% of the average profits from the 4 tax years (where applicable) ending 5 April 2020 up to a maximum of £7,500.

  • The claim will be made using the taxpayer’s Government Gateway login from the end of April 2021. Agents will not be able to make the claim on behalf of their clients, however at Redshield we will be able to check the amount of the claim for you.  Further details on this scheme can be found by clicking the link below.

  • Claims must be made by 1 June 2021.

  • HMRC have started contacting claimants to make some compliance checks.  If you concerned about this, you can phone the COVID helpline and setup a password which HMRC will use if they call you.

  • SCAMS – please be aware that there are still email and text scams going round regarding this scheme. We recommend going direct to the gov.uk website rather than clicking on any link you may receive in an email or text.

  • All of the Self Employment Income Support Scheme grants must be included in your Self Assessment tax return in the tax year in which they are received, regardless of the usual basis for preparation of your tax return.

  • A fifth grant will be available in the summer.

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Juliet Morris Director of Redshield Chartered Accountants
Jenny Dinnage Redshield Chartered Accountants Director
Rachel - an employee of Redshield Chartered Accoutants
Emma is an employee of Redshield Chartered Accountants
Amanda is an employee of Redshield Chartered Accountants

Redshield Chartered Accountants Team

We're ready to help you.

We’ll make your accounting easier.

Free, no obligation call. Call us today:

Juliet Morris Director of Redshield Chartered Accountants
Jenny Dinnage Redshield Chartered Accountants Director
Rachel - an employee of Redshield Chartered Accoutants
Emma is an employee of Redshield Chartered Accountants
Amanda is an employee of Redshield Chartered Accountants

Redshield Chartered Accountants Team

We're ready to help you.

We’ll make your accounting easier.

Free, no obligation call. Call us today:

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