If you’re self-employed, you might be entitled to the fourth SEISS grant. But when is it paid, and how can you check your eligibility? Well, it’s still a little unclear, but here’s what we know so far.
What is the SEISS grant?
The Self-Employment Income Support Scheme (SEISS) is a UK government support scheme for self-employed workers. Eligible self-employed people can claim a taxable sum if they’ve been financially affected by Covid-19 and lockdown restrictions.
- Since it’s taxable, you need to declare it on your tax return.
- Not all self-employed workers are eligible. You can check your eligibility on the HMRC website.
Applications for the third SEISS payment remain open until 29 January 2021.
When will the fourth grant be paid?
The fourth SEISS grant covers the period between February and April 2021. Since applications won’t open before at least early March, we can expect payments from sometime in March onwards.
That said, we won’t know for sure until the Spring Budget announcement on 3 March 2021. This is when the chancellor will set out the scope of SEISS payment four, and who can apply.
For some self-employed workers, there’s a chance they won’t have any income in February. If the lack of income means you’re struggling to pay your tax bill, contact HMRC immediately to discuss the situation.
Am I eligible for the fourth SEISS grant?
Well, no one knows for sure yet who will be able to apply, but here’s what we can say about it right now.
First, you will probably need evidence that your business suffered due to lockdown restrictions. This can include, but isn’t limited to:
- Dates when you had reduced demand due to lockdown rules
- Cancelled jobs and contracts (again, if due to restrictions)
- Records of when you closed due to lockdown rules
- Self-isolation records if you’ve been told to stay home and it’s affected your business
Second, since the other grants are taxable, we can surmise you’ll need to declare the fourth SEISS grant, too.
It’s unclear whether there will be a fifth grant if restrictions continue, and we don’t know if previously excluded self-employed workers will be eligible for grant number four.
How do I apply?
Once applications open, you’ll be able to apply through the HMRC website. Instructions will probably be provided nearer the time.
What happens if I’m not eligible?
Can’t get the fourth SEISS grant? Don’t panic. As a self-employed worker, you might be entitled to other support, including:
- Universal Credit
- Business Interruption or Bounce Back Loans (applications close on 31 March 2021)
- Test and Trace support payments
- Small business grants
Contact Citizens Advice if you’re unsure how to apply for financial support or check your entitlements, or if you’re worried about paying your bills.
Takeaway
We’ll know more about the fourth SEISS grant after the Spring Budget announcement on 3 March. Chances are you’ll need evidence to support your claim, so keep evidence handy, such as cash flow statements and proof of cancelled contracts.
In the meantime, check to see whether you’re entitled to other financial support.
One final thing to bear in mind is that if you’re already on benefits like Universal Credit, SEISS payments can affect your entitlement. Always seek financial advice before applying for SEISS if you’re on benefits.
