The Fourth SEISS (Self Employed Income Support Scheme) Grant – All You Need To Know

The fourth SEISS (Self-Employed Income Support Scheme) grant is now open for applications. The latest instalment of the scheme was announced by the Chancellor of the Exchequer, Rishi Sunak, in the UK Budget on Wednesday 3rd March 2021. The scheme is aimed at financially helping out the millions of self-employed workers whose income has been affected by the pandemic through loss of earnings.

The scheme is calculated by totalling up the previous two years (2019/2019, 2019/2020) of earnings. From this, HMRC will work out 80% of your average monthly profits and will generate a single sum that will be paid to you within days of your completed application. The fourth SEISS grant will cover the period of 1st February 2021 to 30 April 2021. Due to this grant taking into account earnings for the tax year of 2019/2020, a further 600,000 new self-employed people are reported to be eligible for the grant.

As well as the fourth grant, the Chancellor also announced that there will be a scheduled fifth SEISS grant, which will cover the period of May-September 2021 and will be available for applications in late July.

You will need to meet the criteria in order to successfully apply for any of the SEISS grants, with the deadline for the fourth SEISS grant on 1st June 2021.

What Is The Fourth SEISS Grant?

The fourth SEISS grant is a grant scheme that is designed to help the self-employed in the midst of the pandemic and the subsequent detrimental effect on many businesses. The self-employed is estimate to make up 15% (5 million) of the UK workforce.

According to an Enterprise Research Center (ERC) report, COVID-19 and self-employment in the UK (April 2020), the self-employed were identified as a ‘particularly vulnerable group’. The report concluded that 22% of the self-employed, or 1.1 million, are in sectors most at risk of loss of livelihood in the current crisis.

The SEISS grant will cover the loss of earnings for the period of 1st February 2021 to 30th April 2021, calculated at 80% of 3-month average earning profits, with a cap of £7500.

Who Is Eligible For The SEISS Grants?

In order to be eligible for the fourth, and fifth, SEISS grant you will need to be:

  • Self-employed or a member of a partnership
  • Have a trading profits of no more than £50,000 and at least equal to your non-trading income.
  • Must have traded in both tax years: 2019 to 2020 (and submitted your tax return by 2nd March 2021) as well as 2020 to 2021.
  • Be currently trading but are impacted by reduced demand due to COVID or have been trading but are temporarily unable to do so due to COVID.

To apply, you will also need your:

  • Self-Assessment Unique Taxpayer Reference (UTR)
  • National Insurance number
  • Government Gateway user ID and password
  • UK bank details including account number, sort code, name on the account and address linked to the account
  • Only provide bank account details where a BACS payment can be accepted.

It is possible that you may be required to answer questions regarding your passport, driving licence or information held on your credit file. It’s important that you must make the claim yourself, meaning a tax agent or adviser cannot claim on your behalf as this will potentially trigger a fraud alert, which could delay your payment. All applications must be completed on or before 1st June 2021 in order to be taken into consideration.

Why Have The Government Introduced The Fourth & Fifth SEISS Grants?

The government introduced the SEISS grants, as well as the furlough scheme, to counteract the gross misfortune on businesses that the pandemic has caused. The Institute of Fiscal Studies highlighted the sectors most directly affected by the pandemic and its restrictions are accommodation and food, arts and leisure, childcare, domestic services, non-food and non-pharmaceutical retail, passenger transport and personal care. Many of these sectors have a large proportion of self-employed workers and have therefore experienced a significant downturn in earnings.

A report from the Centre for Economic Performance, COVID-19 and the self-employed: Six months into the Crisis, discovered that between April and August 2020 the self-employed experienced little economic recovery, with hours and incomes remaining significantly lower than the same time last year. As well as this, it was recorded that 20% of workers think it is likely that they will leave self-employment.

This huge proportion of people is almost certainly going to have a huge negative effect to the overall economy. The numerous grants, schemes and loans announced are to aid the economic recovery of COVID-19 and soften the inevitable blow that the pandemic has had on GDP and the national deficit, which is estimated to have grown to around £355 billion according to the Office for Budget Responsibility (OBR) forecasts.

How To Apply For The Fourth SEISS Grant? 

You can now begin an application to claim the fourth SEISS grant through the dedicated government portal page here. The release date and further information relating to the fifth SEISS grant (covering the period of May 2021 to September 2021) will be announced in the coming future.

We hope this has outlined to you exactly what the fourth SEISS grant is and whether you are eligible. If you require any more information on any government COVID-19 loans, grants and schemes, or anything accounting related for that matter, please don’t hesitate to get in contact with us at Nordens where one of our trusted advisors would be happy talking you through your query.

Beyond Accountancy

At Nordens, we're more than just accountants - we're business experts who can help you achieve your biggest goals.

Nordens Strategic

Our specialist strategic division at Nordens boasts some of the leading entrepreneurial business minds in the country. We cater towards delivering consistent success stories, whilst helping businesses achieve above and beyond their initial goals.

Through highly-tailored guidance, coaching and advice, Nordens Strategic are able to define exactly how your business can reach new levels of success.

Regardless of how you define ‘success’ for your business, our strategic service is guaranteed to bring about real and lasting change. By partnering with some of the UK’s top business coaches, we’ll steer you along the path to a greater future.

Accounting 2 You

Every business, no matter how big or small, needs to make the right decisions, and how to best manage your accounts can put huge question marks over your business. Accounting2You is here to take that pressure off and provide you with all the answers you need.

Our bookkeeping branch offers a fully inclusive, comprehensive service that you can trust. Since 2005, our specialist bookkeepers have been successfully managing the accounting of both individuals and small businesses.

With experts in payroll analysis, credit control and financial recording, Accounting2You will lead your business efficiently, and with real purpose, towards a prosperous future.

Voted as EXCELLENT - 9.9 out of 10 based on 167 reviews

Chris Dyer

Director - Metro Bank

Nordens are always very easy to deal with and extremely professional and efficient. I would have no hesitation in recommending them to my clients for their accountancy needs, no matter how complex they may be.

Read more reviews on Trust Pilot

Jamie Brown

Co-Founder - Chicmi Limited

Very good to work with - the team go above and beyond to make the accounts easy and efficient. They're all super friendly and a joy to work with.

Read more reviews on Trust Pilot

Simon Rose

Director - Rose Opticians

I have been using Nordens Chartered Accountants for 5 years and very happy with the service provided. All members of the team are very knowledgeable and have a wealth of experience which has proved very beneficial to my organisation

Read more reviews on Trust Pilot

Rebecca Bossick

Founder & Director - Physio LDN

Very easy to contact and put me in touch with the right person whenever I need to ask any questions. Extremely knowledgeable and can help me manage my various businesses whenever I need.

Read more reviews on Trust Pilot

James Aconley

Principal - Pauline Quirke Academy

Great accountants, always available to offer advice. The team have transformed my business.

Read more reviews on Trust Pilot

Christopher Wilce

Founder - Dataphone

Having worked with Nordens over the last 5 years, not only to look after my annual accounts but they have also provided outstanding professional advice. They have guided me through a Company share buyback with clear and objective advice. We have also been using Nordens strategic services for a couple of years, which has helped bring about significant improvements that exceeded my expectations. With experience of working with several local accountants over my 29 years in business, I’m very pleased with the service I have received from Nordens.

Read more reviews on Trust Pilot

Dave Hodges

Director - Linekers

Trusted our business with Nordens for over 10 years now and watched the company grow into the successful innovative business it has become today. Deservedly so. Every aspect of financial advice we need is always given promptly and with a smile. We have total confidence in all aspects of advice Nordens give. If you are looking for accountants, its a no brainer!

Read more reviews on Trust Pilot

Tony Charles

Founder - Foundation Sports Limited

A fantastic, modern, vibrant firm that care about the clients and their staff in abundance. It is rare to find an Accountancy firm with such vibrance and focus and relationships. It is no wonder they win award after award in their field.

Read more reviews on Trust Pilot

Peter Horlock

Managing Director - Prime Time Boilers

I have been with Nordens for many years now and they are a great accountants.

Read more reviews on Trust Pilot

Simon Cushing

Founder - Vivid Finishes

We have used Nordens for the last 5 years and have had a great service throughout. The guys are very passionate about what they do and have played a part in the growth of our company, highly recommended.

Read more reviews on Trust Pilot

Andrew Martin

Managing Director - AMD Interior Architecture

Great Service at Nordens from a friendly very approachable team Particularly Kirsty Willis and Joe Sword who have been helping us since we started the business in 2016.

Read more reviews on Trust Pilot

James Robinson

Director - Forma London

Nordens provide a first class service. We moved to Nordens last year and have been impressed with the level of service provided. Keep up the good work!

Read more reviews on Trust Pilot

Latest News

We've always got our ears to the ground when it comes to interesting, useful and topical information relating to business and accountancy.

COVID Loan Fraud &…
Set up in April 2020, the Bounce Back Loan scheme has been considered to be a huge success in helping businesses overcome the perils and decimation that the pandemic had caused. In total, 1.5 million loans (equating to £47bn) w...
The Farming Investment Fund…
Today, the farming and agriculture sector is estimated to be worth £120 billion to the UK economy, whilst employing over four million people. This equates to over 149,000 farm businesses across the UK, however due to the pandem...
Nordens TV

We love making videos that break down convoluted accountancy jargon into plain-talking, actionable and accessible facts.

Nordens Christmas Message 2021
On behalf of everyone here at Nordens, we want to you all a merry Christmas whilst looking back at some of the amazing achievements of the past year. From recruiting new staff, growing our client base, rubberstamping our client...
Live Webinar – Autumn…
The Chancellor of the Exchequer, Rishi Sunak, carried out his briefcase and laid out his Autumn Budget plans on Wednesday 27th October 2021. The Autumn Budget doesn’t usually attract massive attention, however, due to the econo...
  Why I Founded Nordens
Accounting 2 You

In November 2002, having sold our other business interests off earlier in the year, I decided to set up Nordens Chartered Accountants. The easy part was knowing how to do it, as I had established and built a smaller practice a few years earlier. The difficult part, for me, was not following the traditional accountancy path. Having run businesses, both successfully and unsuccessfully, I wanted to help business owners resolve their short term problems and work with them to achieve their longer term goals. Business has always been my interest and I love that I can help business owners achieve what seems like the impossible every single working day.

Mark Norden Signature

Mark Norden

We're Professionally Certified

Our limited company accountants have a range of qualifications from The Institute Of Chartered Accountants (ICAEW) to the Association of Chartered Certified Accountants (ACCA). We worry about the bye-laws, regulations and ethical guidelines of the ACCA so you don’t have to! That makes us an ACCA-accredited employer as well as a Professional Passport-accredited one!