Support grant qualification

Deramore12

Support Grant 
Does anyone understand this.  
Rishi stated in the budget that "600,000 who BECAME self employed last year can now claim the 4th business support grant but only as long as you completed a tax return by midnight" Tuesday,  im baffled.
We started a business in April  last year so theoretically qualify .
We have been living off savings as we have been reinvesting what revenues came in ti try and keel the business going until the
pandemic was over.
We became self employed last April so assumed we would complete our self employed  tax return  APRIL 20 TO MAR 21 that being the normal  "TAX/ Financial year". 
I'm confused because to qualify for the grant the Gov websites states "you had to have completed a  tax return 2019 to 2020...  so if thats the case how on earth do the 600k who like us set up in 2021 qualify?

Jeremy535897

The Chancellor explained that now that the date to file 2019/20 returns has passed, those who started a business in 2019/20 can be included in SEISS 4. We are currently in 2020/21, so "last year" means 2019/20. Anyone who started a business in 2020/21 has nothing filed on which to base a grant, and could manipulate their profits as they saw fit.

Deramore12

Cheers, so to reaffirm the 600k who STARTED LAST YEAR  are actually the ones who really actually started in the peroid April 19 to Mar 20  NOT LAST YEAR ...like us

Njones410

The last grants were on 3 years tax returns. The 4th one now includes most recent tax return but also is now worked out on 4 years tax returns and not 3. You would have thought the oldest tax return would have been dropped. My concern was that 1st year was only a couple of months worth for me as businesses was set up. This is then dramatically reducing my grant.

Jeremy535897

Deramore12 said:

Cheers, so to reaffirm the 600k who STARTED LAST YEAR  are actually the ones who really actually started in the peroid April 19 to Mar 20  NOT LAST YEAR ...like us

The reference to 600,000 was to those who started in 2019/20. From the budget statement:
2.15 Self-Employment Income Support Scheme (SEISS) fourth grant – To support the self-employed across the UK through the next stage of the pandemic, the government confirms that the fourth SEISS grant will be worth 80% of three months’ average trading profits, paid out in a single instalment and capped at £7,500 in total. The grant will cover the period February to April, and can be claimed from late April. Self-employed individuals must have filed a 2019- 20 Self Assessment tax return to be eligible for the fourth grant. This means that over 600,000 individuals may be newly eligible for SEISS, including many new to self-employment in 2019- 20. All other eligibility criteria will remain the same as the third grant. Further details will be published in due course.

Deramore12

Many thanks.  So nowt down.

unholyangel

Deramore12 said:

Cheers, so to reaffirm the 600k who STARTED LAST YEAR  are actually the ones who really actually started in the peroid April 19 to Mar 20  NOT LAST YEAR ...like us

When people are addressing tax issues and refer to last year, ordinarily they would mean last tax year rather than last calendar year.

They're weird like that. 
.