Money Saving Expert founder Martin Lewis has announced¹ exclusive news about a possible 4th SEISS Grant for self-employed people. The Self-Employment Income Support Scheme (SEISS) offers direct financial support from the Government for those self-employed people who have seen a significant drop in profits due to the coronavirus pandemic, where eligible. He says the official announcement is currently scheduled for 3rd March 2021 during the Chancellor of the Exchequer’s Spring Budget.
Applications for the current 3rd SEISS grant closed on the 29th of January. The fourth SEISS grant period will cover the months February, March and April. Martin’s exclusive information suggests:
“… there will not be an announcement made on the amount of that grant and who is eligible […] until the budget, which is on the third of March. So over a month after the grant period starts, there won’t be news on exactly how much money you can get, and who is going to get it.”
He goes on to say:
“I doubt this actually means that people will receive their money any later, relatively, than they have done in the prior grants, because you’ve never been able to apply on the first day of the period”
Martin goes on to confirm that he suspects:
“… there are operational changes happening to this fourth grant […] Now my hope is those operational changes mean that some of those people who have been excluded previously will now be included in this grant. […] I would certainly expect those people who have filed a 2019/20 tax return […] to have that incorporated into their assessments of self employment grant number four, which means some of those new starters — many of those people who started self-employment in the last couple of years — may finally get some provisions in this fourth round.
[…] I think at the moment, you have to suspect the grant would still be around the £7,500 that the others have been previously. A longer shot, but I’m hoping that’s the reason for the delay, is that they will be more substantial changes and greater support schemes announced in that 3rd March budget, covering many of the people who haven’t been helped.”
Only time will tell, as Martin himself says. Take a look at Martin’s video above for full details.
Tax Advice & Accountancy Help in London, the South East and South West of England
If you have any queries, let us know. We are also happy to help Taxfile customers with their SEISS grant applications, if needed. We are accountants and tax advisers based in Tulse Hill, Dulwich and Devon/Cornwall in the south west.