The fourth grant is now open. In the second part of this two-part series, we discuss applying for SEISS, how to prove your eligibility, and the fifth (and final) grant.
This does not constitute advice and advice should be sought in all instances before acting on it.
In the first part of this series, we talked about the coronavirus relief you might qualify for, the specifics of the fourth SEISS grant, and the eligibility criteria you need to meet in order to receive assistance.
Applications are now open
You can check if you’re eligible online. If you feel you should have received a notification about eligibility but you haven’t, you can still make a claim via the official claims portal.
If you do qualify for the SEISS grant, make sure you apply by the 1 June deadline.
What you’ll need to apply for the fourth grant
If you’re eligible for SEISS 4 and have been contacted via text, email or post you will have a personally allocated claim date. You can apply online on or after this date – all the way up to 1 June.
In order to apply, you will need:
- Your Self Assessment Unique Taxpayer Reference (UTR)
- Your National Insurance number
- Your Government Gateway user ID and password – if you do not have an existing user ID you can create one when you claim
- Your UK bank details including a bank account number, sort code, name on the account and your address linked to your bank account.
If this is your first SEISS grant then you might need to verify your ID with HMRC. You will have been notified ahead of time if it’s required and if you haven’t been contacted, then there’s no need to worry about ID verification.
Once accepted, you’ll get the money deposited directly to your bank account within six business days.
Remember: the deadline to apply is 11.59pm on 1 June. You have until then to submit your application, but when you’re sure you can declare that your profits have been “significantly reduced” don’t forget to apply.
How do you prove you’ve been affected by coronavirus?
One of the questions we come up against is understanding what counts as proof of eligibility. You need to keep records for your business that show reduced activity, capacity, or demand because of the pandemic when you make your claim.
This might include:
- Business accounts showing reduction in activity compared to previous years
- Records of reduced or cancelled contracts or appointments
- Fewer invoices
- A record of dates where you had reduced demand or capacity due to Government restrictions.
Coming up
A fifth and final grant will be available from late July. We don’t know much yet about the grant, but here’s what we do (and don’t) know:
- Eligibility criteria hasn’t yet been announced.
- The grant will be worth three months average profits (how this will be calculated is still to be confirmed) and will cover from May to September, inclusive.
- The value will be determined by a turnover test comparing the time period from April 2020 to April 2021 against the pre-pandemic period:
- The full grant of £7,500 is available if your turnover has fallen by 30% or more, worth 80% of three months’ average trading profits.
- A grant worth £2,850 is available if your turnover has fallen by less than 30%, worth 30% of three months’ average trading profits.
If you’re hoping to apply for this grant, keep your eye out for news about it so you can prepare.
Here to help
Whether or not you qualify for the SEISS grant, this is a good time to review your financial plan to prepare for post restrictions. We’re just a phone call away so get in touch to schedule a financial review with a dental and medical financial expert.
Can we help you with a financial review?
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