Self-Employment: Government set to announce the fourth round of SEISS in Budget  

The Chancellor, Rishi Sunak, is set to announce the fourth round of the Self-Employment Income Support Scheme (SEISS) at the Budget on 3 March, according to reports.

The fourth round of grants will cover February, March and April 2021, though this could be the final round of the scheme.

Self-employed individuals that meet the eligibility criteria will be able to claim 80 per cent of average monthly profits up to a cap of £2,500 per month, according to The Telegraph, despite earlier suggestions that the percentage of support offered by the Government could be tapered off.

The scheme was introduced in Spring 2020 as a measure to support self-employed individuals whose work had been impacted by the coronavirus pandemic, specifically aiming to target those who run their own businesses but were not eligible for other support.

SEISS is likely to come to an end in line with restrictions being lifted around lockdown and businesses in accordance with the Government’s roadmap announced earlier this week, with all restrictions set to be lifted by late June should all go to plan.

It is believed that the Government is also considering specific measures to support those who cannot return to work as restrictions ease from May onwards, but it is unclear yet as to what format this will take.

The Chancellor is also reportedly looking to extend the stamp duty holiday by a further three months, with the tax relief currently set to end on 31 March 2021, while an extension to the furlough scheme is also expected to be announced in next week’s Budget.

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Posted in Blog, Business, COVID-19, Covid-19 Self Employed, Government Funding, HMRC, self-employed.