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Coronavirus Support Updates for the Self-Employed

Applying for the Fourth SEISS Grant

If you are eligible, it’s time to start thinking about applying for the fourth SEISS grant covers the period from February 1st, 2021, to April 30th, 2021 and must be applied for by June 1st, 2021.  This grant brings the 2019/20 tax returns into account and as a result will open the scheme to new applicants who started up in 2019/20. 

Eligibility will only apply to those who submitted their 2019/20 tax returns before March 3rd, 2021.  More information about eligibility and links to apply can be found here.

In addition, in order to claim you must:

  • Have traded as self-employed in 2020/21 and intend to continue trading in 2021/22
  • Have reasonable belief that there will be a significant reduction to trading profits because of reduced business because of coronavirus.  Increased costs because of coronavirus do not qualify.

Just Welcomed a New Addition to the Family?

If you do not meet the eligibility requirements based on your 2019/20 tax return because you had a new child during that period, it may still be possible to make a claim.  To do so, you must have submitted a 2018/19 tax return and meet all other criteria.  HMRC advice that you contact them before making a claim, to confirm your eligibility.

Don’t Forget the Tax

SEISS must be claimed on self-assessment returns and will be subject to tax and NIC contributions.  This will be in applied in 2021/22, even though the 4th SEISS grant applies to the time-period of February 1st, 2021 to April 30th, 2021.

It’s worth remembering that HMRC has frequently stated that they will follow up and check all SEISS claims, so make sure all your information is correct. Don’t hesitate to get in touch if you need guidance on applying for the 4th SEISS, we’re always happy to help. 

Practical Help

To apply, you will need a Government Gateway ID & Password  

If you don’t have this, register now. Go to:

https://www.access.service.gov.uk/login/signin/creds

and select Create Sign in Details (below the password box).

You will also need to be registered to manage your self-assessment account online. Please check that you have access to this and, if not, add this service to your account. You might be sent a code, which can take about a week to arrive.

Resources

How to Apply for SEISS

Artisan Office Updates

  • We are currently operating a full service.
  • Despite the coronavirus we can still e-meet with you or speak to you on the telephone. Call us or email us in your usual way, though please be patient. We are dealing with more enquiries than usual at the moment, but we will try to come back to your as quickly as possible.
  • We continue to be fully staffed.  This may change and we may have a slower response time if that happens.  
  • We continue to make sure that we meet filing deadlines to complete your accounts, tax returns, VAT, payroll and other requirements.

Coronavirus Uncertainty: Ways We Can Help

We are committed to being available to support you to the best of our ability. In times like this, we all need to pull together. If you need anything, please let us know. For example, here are some of the ways we can help:

  • Provide cashflow forecasting to see when the pinch-points will happen for your business
  • Help you find cost-effective finance to see you through this difficult trading period
  • Support you to negotiate time to pay agreements with HMRC for your tax bill
  • Do your bookkeeping to help you get your records straight so you can take an informed decision for what to do for your business. (If you can scan and email your documents, we can process them for you)
  • Advise you on accessing tax rebates you may have been putting off, such as R&D Tax Credits.
  • A sounding board – we know that being a business owner in tough, uncertain times is not easy. So remember, we are there to listen and where appropriate, give advice. Call us or email at team@artisan-accounts.co.uk to book an appointment.
  • When you’re ready we can discuss ways to make your business more resilient going forward.