In his March Budget, Chancellor Rishi Sunak, confirming that the Self Employment Income Support Scheme (SEISS) grant will be extended for a fourth time – which is welcome news for self-employed workers.
Previous versions of the scheme had been criticised for failing to protect those who had recently begun working for themselves.
Taking these issues into account, the Chancellor has confirmed that SEISS 4 will be extended to include those who became self-employed in 2019/20 and who completed a tax return for the same year. Under the scheme, self-employed workers affected by Covid-19 could get up to 80 per cent of their average trading profits in a three-month period as a one-off lump sum.
However, newly self-employed taxpayers may be required to undergo pre-verification checks before they can access the fourth SEISS grant,
SEISS 4 applications can be made via the Government website.
If you are not sure which grants or business loans are available to your business, please get in touch with the team at Macalvins.