| UPDATED: 09:33, Sun, Mar 21, 2021
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SEISS has already given out three payments to the self-employed, with the last grant closing at the end of January. While the fourth grant has been announced alongside a fifth spanning July to September, many self-employed have been left in the dark about next steps. Workers who meet the criteria of the next grant, which includes submitting a self-assessment tax return for 2020/2021, will be able to claim 80 percent of their average monthly trading profits up to a maximum of £2,500.
| UPDATED: 07:42, Fri, Jan 15, 2021
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Martin Lewis has recently issued important guidance for the self-employed as an application deadline is quickly approaching. A third set of payments will soon be paid out and more will be forthcoming by the spring but recently on This Morning, Martin was queried on what he expects beyond this.
| UPDATED: 12:48, Mon, Jan 11, 2021
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SEISS, or the Self-Employment Income Support Scheme, has been criticised several times in recent months as it became clear many would be excluded from Rishi Sunak s support. The Government has made attempts to address it with limited success.
The third set of grants from SEISS must be claimed for by January 29 and they will be capped at £7,500 in total.
Martin explained eligibility has largely remained unchanged, with those earning profits over £50,000, who haven t done a 2019/19 tax return, who are new starters or have 50 percent of their income not come from self-employment not qualifying.
However, Martin went on to explain a key rule for claims which has recently been updated: Here s what s crucial. What s really important to understand is that when you apply for this you need to make a declaration that you have a reasonable belief that you will have a significant trading profit reduction due to Covid.
These allowances are based on age and relationship status and are as follows:
single and under 25 - £342.72 per month
single and 25 or over - £409.89
in a couple and both are under 25 - £488.59 (for both)
in a couple and either are 25 or over - £594.04 (for both)
Universal Credit can be impacted by SEISS grants (Image: GETTY)
Regardless of what s actually awarded, all claimants could see their payments reduced if they receive certain income.
Generally, if a person is employed, their Universal Credit will reduce by 63p for every £1 earned.
The self-employed could also see their Universal Credit income reduce if they receive support from SEISS.