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COVID-19: CIS contractor / self-employed guidance
Help for the self-employed
During his Budget 2021 speech on 3rd March 2021 the Chancellor has revealed an extension to the Self-Employed Income Support Scheme Grant (SEISS).
The original scheme introduced in May last year described how the Government would make a grant to self-employed workers based on their previous earnings over the last 3 years, worth up to 80% of earnings and capped at £2,500 per month.
Who is eligible?
To be eligible you needed to have annual profits (business income minus business expenses) of less than £50,000 per year. Worker’s Self-Assessment Tax Returns were the key evidence on which the calculation would be based.
Now that 2019/20 Tax Returns should have been filed many more self-employed people will qualify got the new payments detailed in the paragraphs below.
When can I claim these grants?
Claims can be made from April 2021 for the next grant. Claims for the fifth grant will open in July 2021.
How long will the grant be available for?
Two further tranches of grant were announced by the Chancellor.
What will be the fourth grant will cover the 3 month period from February 2021 until the end of April 2021. As with previous SEISS grants it is worth up to 80% of trading profits averaged over 3 months but up to £7500 in total.
The fifth grant covers May to the end of September, but the amount available depends on loss of income.
Workers whose turnover has fallen by at least 30% can still apply for a grant of up to 80% of profits, again up to a value of £7500 in total.
Those whose income has fallen by less than that can apply for up to 30% of trading profits capped at £2850.