HM Revenue & Customs have been contacting previous Self Employed Income Support applicants to inform them of whether they may be eligible or ineligible for the fourth tranche of income support.
The fourth grant covers the period from 1st February 2021 to 30 April 2021. You will be available to claim in “late” April.
Taxpayers must have submitted their 2019/20 Tax Return before 3rd March 2021 to be eligible for the continued support.
One important change for may is the fact that the 2019/20 Return is factored in, not just for eligibility, but for calculation of support due. This is because this now becomes the most recent tax year and adjusts your average profits accordingly.
It also means the scheme is open to those who started trading during 2019/20 providing that they meet the remaining criteria.
There are two important declarations when applying:
You must have traded as self-employed in 2020/21 and continue or intend to continue to trade in 2021/22
You must have reasonable belief that there will be a “significant reduction” in trading profits / income