Self Employment Grant Calculator
We have provided an easy to use calculator designed to help you estimate the fourth grant that may be available to you under the Self-Employment Income Support Scheme (SEISS). Scroll down to access our handy tool.
In the recent Budget, the Government announced that a fourth grant would be available under the Self-employment Income Support Scheme. This grant covers the period from February to April 2021, and provides continuing support to businesses during the coronavirus lockdown measures.
In addition to the calculator below, we have detailed all of the financial support available to the Self Employed here.
Are you eligible for the fourth SEISS grant?
In order to be eligible for the fourth grant under the Government’s Income Support Scheme you must:
- have traded in both the 2019/20 and 2020/21 tax years
- have submitted your 2019/20 tax return by 2nd March 2021
- be currently trading but are impacted by reduced demand due to coronavirus; or
- have been trading but are temporarily unable to do so due to coronavirus
You must also declare that:
- you intend to continue to trade
- you reasonably believe there will be a significant reduction in your trading profits due to reduced business activity, capacity, demand or inability to trade due to coronavirus
Your trading profits must also be no more than £50,000 and more than half of your total income for either:
- the tax year 2019/20
- the average of the tax years 2016/2017, 2017/ 2018, 2018/2019 and 2019/20
Grant Estimator Tool
This easy to use tool is designed to give you an indication of how much you may be able to claim.
How to use our calculator
You will need to obtain information from your filed tax returns for 2019/20, 2018/19, 2017/18 and 2016/17 to estimate your grant.
Leave blank any years during which you were not self-employed.
If you made a loss in any of the years then please enter a minus before the amount.
Before using this tool please see our disclaimers below.
Please review the eligibility criteria above before using this tool. Due to the complexities of every individual’s taxation needs, this tool should only be used for estimations.
If having a new child impacted on the trading profits you reported for the tax years 2018/2019 or 2019/20, then the results of this tool should not be relied upon. You should seek further advice if this affects you.
The information shared here is intended to inform rather than advise. Taxpayer’s circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this information, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.
When applying for Government support, we urge all our clients to be wary of the coronavirus scams targeting businesses and individuals.
How we can help you
For more information about the Government’s income support measures for the self-employed, contact our team for your free, no obligation telephone or video consultation. Call us today on 01243 929110 or enquire online.
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