Budget Announcement Three
Self-employment income support scheme (SEISS)
The Government confirmed that the fourth SEISS grant will be worth 80% of three months' average trading profits, paid out in a single instalment and capped at £7,500 in total.
It will cover the period from February to April 2021 and can be claimed from late April.
Self-employed individuals must have filed a 2019/20 tax return through self-assessment by midnight on 2 March 2021 to be eligible for the fourth grant.
A "fifth and final" SEISS grant will cover May to September 2021. Those whose turnover has fallen by 30% or more will receive the full grant worth 80%, capped at £7,500.
Those whose turnover has fallen by less than 30% will receive a 30% grant, capped at £2,850.
The final grant can be claimed from late July.
Following the extension of the SEISS into the 2021/22 tax year, grants will now be included as income in the tax year in which they are received.