Self Employment Income Support Scheme (“SEISS”) Print
Self employed individuals and individuals who are members of a partnership have been able to claim a series of grants for financial support. So far, three grants have been made available. HMRC’s online claims service will open for the fourth grant from late April 2021. Eligible claimants must have trading profits of no more than £50,000, and their non-trading income must not exceed their trading profit. This will initially be based on the claimant’s submitted 2019/20 Tax Return. The grant has been set at 80% of 3 months’ trading profits, and is capped at £7,500.
A fifth and final grant will be paid for the period May to September 2021 and will be paid at two levels, either:
- 80% of 3 months’ average trading profits, capped at £7,500 where the reduction in turnover is 30% or more, or
- 30% of 3 months’ average trading profits, capped at £2,850 where the reduction in turnover is less than 30%.
These grants are taxable, and must be included in the individual’s or the partnership accounts for the business in the year during which the grant has been received.