Today, Rishi Sunak the Chancellor of the Exchequer announced an overview of the 2021 UK Budget.
SEISS: Self Employed Income Support Scheme
The SEISS was first announced last year as a support alternative to the furlough scheme for employees. The SEISS is based on previous tax return submissions, and provides a certain percentage grant which is subject to both National Insurance and Taxation – when it’s declared on your next tax return following the date of when received.
2.7m self employed individuals have claimed on the scheme so far.
The 4th version of the SEISS is due to be processed over the spring months, with a final 5th version appearing for the summer.
The 4th and 5th version of the SEISS will be available for those who have previously missed out on versions 1-3 of the scheme due to starting self employment later than others, and not having an initial tax return available for the government to make a decision on eligibility.
The 5th version will be based on a ‘turnover test’. The Chancellor advised that this would be a percentage of the difference in turnover between tax returns.
Find out more about SEISS through the below guidance
We’ve also further details on the budget in this Facebook Chat Thread.