HMRC has published its latest statistics relating to the use of the Self-Employment Income Support Scheme (SEISS).
The key points from the latest release covering the fourth grant up to 9 May 2021 are as follows:
- To date, £24.5bn has been paid in SEISS grants in total. Across the four schemes, 2.8m individuals have received a grant, and 8.8m total grants have been claimed.
- The Government announced a significant change in access to the SEISS, basing the fourth and fifth grants on 2019-20 Self-Assessment tax returns. Around 5 million individuals had their data assessed for potential SEISS eligibility.
- By 9 May, 1.7 million (50%) of the potentially eligible population have claimed the fourth SEISS grant with the value of these claims totaling £4.7 billion. The claims window closed on 1 June 2021.
- For the fourth SEISS grant, the average value per claim was £2,800.
What Next For Those Who Are Not Yet Back To Full Capacity?
Government support to the self-employed through the SEISS is due to end on 30 September 2021. A fifth and final grant covering the period May 2021 to September 2021 will be opened to claims from late July 2021. The grant will see those whose turnover has fallen by 30% or more continuing to receive the full 80% grant whilst those whose turnover has fallen by less than 30% will receive a 30% grant.
What the SEISS grants highlighted, was a need to be on top of your financial matters including having completed your most recent tax return. If you have to file a tax return, call MJB Avanti (08000) 388 799 to see how we can help you to file online, on time, no fine.