SEISS – claiming the fourth grant if you're a new parent
Covid 19. In this recording we’ll take you through how to claim the fourth SEISS grant as a new parent, provided you meet the other eligibility criteria. Before we cover specific conditions for new parents, let’s review the standard eligibility criteria for the fourth SEISS grant.. You can claim the fourth SEISS grant if you’re a self employed, individual or a member of a business partnership, and you reasonably believe that your business will suffer a significant reduction in trading profits due to reduced business activity, capacity, demand or inability to trade. Because of the impacts of coronavirus between 1 February and 30 April 2021., A claim can be made If the following apply. You trade it in both the tax years: 2019, 20 and 2020, 21 you’re still trading when you apply or you’ve temporarily stopped trading because of coronavirus, in which case you’ll be considered as still trading by HMRC, and you intend to continue to trade, you must also have Trading profits of no more than 50000 and at least equal to your non trading income for either the tax year: 2019. 20, the average of the tax years 2016, 17, 2017, 18, 2018, 19 and 2019 20.. You should not claim the SEISS grant if you’re a limited company or running a trade through a trust. If you are recently pregnant or taking time out from trading to care for a newborn or newly adopted child, you may consider your eligibility in a different way. This is because we recognize that your trading profits may have reduced substantially or you did not submit a tax return for 2019 to 20.
, So who can claim? Provided you meet the other standard eligibility criteria? You may still be able to claim for the fourth SEISS grant. If you didn’t submit a tax return for 2019 20 or your trading profits in 2019, 20 were less than your other income, meaning you were ineligible for the SEISS, provided. This was due to one of the following being pregnant: giving birth, including a stillbirth after more than 24 weeks of pregnancy and the 26 weeks after giving birth caring for a child within 12 months of birth. If you have parental responsibility, caring for a child within 12 months of adoption placement, if adopted from outside the UK, the 12 months is from the date the child arrives in the UK. For new parents who didn’t submit a 2019 20 Self Assessment return or took time Out from trading due to pregnancy or caring for a newly born or adopted child, during the 2019 20 tax year, we’ll assess eligibility based on your Self Assessment. Tax returns for one of the following: the average of the tax years: 2016, 17, 2017, 18 and 2018 19 or the average of the tax years 2017. 18. 2018. 19. If you did not submit a tax return for 2016, 17 or the tax year, 2018. 19. If you did not submit a tax return in 2017 18, your average yearly trading profits across the Self Assessment tax returns that we used to assess your eligibility must be no more than 50000 and at least equal to your non trading income.
. You must also meet all the other standard eligibility criteria as we mentioned earlier.. So how much can you claim? The fourth grant covers the period from 1 February 2021 to 30 April 2021.. We’Ll use an average of the relevant 2016 17 2017 18 and 2018 19 tax returns as a basis for grant calculation.. If you are eligible – and you choose to claim, you can claim the grant from late April up until 1 June 2021., The grant will be based on 80 of 3 months, average trading profits paid out in a single taxable installment capped at 7500. Pounds.. Please note that this grant is subject to Income Tax and self employed. National Insurance, contributions. And you’ll need to declare it on your Income. Tax Self Assessment return for 2021 22, which is due by 31 January 2023.. We’Ll, now take you through what you need to do. If you think you’re eligible to claim as a new parent – and you want to apply for the scheme. Before you claim, you’ll need to ask HMRC to verify. You had a new child which affected your eligibility for the scheme.. You’Ll need to call the HMRC helpline to verify the child. You’ll need to confirm to HMRC that being a new parent affected, your trading profits or total income in the tax year 2019 20 and provide supporting information.. For example, your Child Benefit number your child’s birth or adoption certificate number. If you’re claiming Maternity Allowance, your child’s, full name and date of birth, the date of adoption, why you had maternity or parental responsibility, for example, a parental responsibility agreement, a parental order from the court? Your maternity certificate, MATB1.
HMRC, will review your information and contact you within 2 weeks using the contact details, you’ve, provided to tell you if your information has been verified. Once your information has been verified, you can continue with your claim online. The claim process for the fourth Grant will close on 1 June 2021.. The government is also providing additional help for the self employed.. You may be able to arrange to pay your Self Assessment tax bill in installments, get a loan from the Business Interruption Loan Scheme or get a loan from the Bounce Back Loan Scheme get Universal Credit apply for Employment and Support Allowance. Esa. We’d encourage you to visit GOV.UK to see what support is available.. Our full range of help and guidance can be viewed online from your mobile tablet or PC at any time.. Thank you.