CHANCELLOR Rishi Sunak has confirmed there will be a fifth grant for the self-employed, to help those impacted by coronavirus.
The fourth grant, which covers losses in the period from February 1 to April 30 2021, is currently open for applications.
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Both the grants were made available for 600,000 newly self-employed workers as long as they submitted a tax return by midnight on March 2.
But who is eligible and when can you claim the fifth grant? We explain what we know so far.
The Chancellor announced in his Budget that there would be a fifth grant which will cover loss of profits through May until September this year.
The grant – which the Government says will be the final one – can be claimed from late July.
We don’t know an exact date yet for when applications will open, but the Government is expected to release more details “in due course”.
HERE'S a round-up of the main coronavirus government schemes for the self-employed:
Exactly how much you will be able to claim under the fifth grant will be determined by a turnover test.
Brits who have seen their turnover fall by 30% or more will be able to get the full grant – which is 80% of average monthly profits capped at £7,500.
Those who have seen their turnover drop by less than 30% will receive a smaller grant.
They will be able to get a 30% grant, capped at £2,850, as they deemed to have less need for taxpayer support.
Although the details about the fifth grant will be announced by the Government at a later date, there likely will be a stringent set of criteria you must meet to be eligible for the payout.
For instance, every grant so far has only been available to people with trading profits of less than £50,000.
This other criteria has changed from grant to grant, so it is impossible to predict the exact terms of the fifth grant.
But for the fourth grant, you have to meet the following criteria:
HMRC expects you to make an honest assessment about whether you reasonably believe your business will have a significant reduction in profits.
You won’t be able to apply for the fifth grant yet – you can put a claim in for this from late July.
However, when applications for the scheme open, you’ll most likely have to make your claim via the Gov.uk website.
Self-employed workers need the following info to claim:
We explain all you need to know about the fourth self-employed grant, and when you can apply.
For a deep dive into the how SEISS works, we’ve put together a guide with everything you need to known about the system.
Plus, we meet the entrepreneurs who’ve set up their own businesses after coronavirus left them jobless.
