Martin Lewis grills Rishi Sunak over SEISS timetable
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The fourth instalment of the Self-Employment Income Support Scheme (SEISS) covers February to April 2021. The grant is worth 80 percent of average monthly trading profits, capped at £7,500 for the three-month period. The online application service for the fourth grant has now opened and will close on June 1, 2021.
How do you claim SEISS grant four?
The online portal to apply for SEISS grant four is available via the Government website.
People who are eligible for SEISS based on their tax returns should have been contacted in mid-April about the fourth instalment.
Eligible claimants should also have been given a personal claim date to apply for SEISS from.
Before making a claim for SEISS, claimants should check they meet the eligibility criteria for the scheme.
Applicants will also need personal information to hand, such as their Self Assessment Unique Taxpayer Reference (UTR) and Government Gateway user ID and password.
People are being asked to make their SEISS claims themselves, rather than asking a tax agent or adviser to process it on their behalf.
The Government website explains: “You must make the claim yourself. You must not ask a tax agent or adviser to claim on your behalf as this will trigger a fraud alert, which will delay your payment.”
When is SEISS paid?
Once a claimant has submitted their application for the fourth grant, any payment will be subject to approval by HMRC.
If a claim is approved, the claimant can expect the grant to be paid out within six working days.
An email notification will be sent out when the payment has been processed.
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Does SEISS affect Universal Credit?
SEISS grants can affect how much someone receives in Universal Credit payments.
The Government website explains: “If you make a claim for Universal Credit the grant may affect the amount you get, but will not affect Universal Credit claims for earlier periods.”
SEISS claimants could see their Universal Credit payments stop or go down.
Will there be a fifth SEISS grant?
Chancellor Rishi Sunak confirmed in the March Budget there will be a fifth and final SEISS grant later this year.
The grant will cover May to September 2021, but it will only be worth three month’s worth of average monthly trading profits.
If a claimant’s turnover has decreased by 30 percent or more, the grant will be worth 80 percent of average trading profits, capped at £7,500.
If a claimant’s turnover has decreased by less than 30 percent, the grant will be worth 30 percent of average trading profits, capped at £2,850.
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