Government launches final Covid support scheme for the self-employed
A fifth and final round of the government’s aid scheme for the self-employed, with grants of up to £7,500, has been launched.


There is good news for self-employed workers still struggling with the financial impact of Covid-19. The government has now opened applications for the fifth – and final – round of the self-employment income support scheme (SEISS). You could be entitled to a grant of up to £7,500.
The eligibility criteria for the SEISS are broadly unchanged, and HM Revenue & Customs will look at your previous tax returns to check you meet the basic requirements. These are that you traded in both the 2019/2020 tax year – and submitted your self-assessment tax return for that period on or before 2 March 2021 – and the 2020/2021 tax year.
Further key conditions are that at least 50% of your total income must come from self-employment and your average trading profit should be no more than £50,000.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
In addition, you need to be able to show that you reasonably believe your trading profits during the period from 1 May to 30 September 2021 will be lower because of Covid-19. You could be asked to supply evidence. It may be that you have been unable to trade because of lockdown restrictions during that period; or you may be suffering reduced demand or capacity.
Turnover tiers
What you’ll get from the SEISS depends on how badly you have been affected. This is a departure from previous rounds of the scheme, which paid flat rates of support. This time, if your turnover fell by 30% or more in 2020/2021 compared with 2019/2020 or 2018/2019, you will be able to claim 80% of your average three-month trading profit, capped at a maximum of £7,500. If your turnover declined by less than 30%, you can only claim 30% of your average three-month profit, up to a maximum of £2,850. In theory, HMRC is supposed to contact everyone it thinks may be eligible for the fifth round of the SEISS in order to invite them to apply. It began sending out those invitations in the second half of July – by text message, email and letter – but is staggering the process so that the system isn’t overwhelmed.
If you haven’t heard from HMRC by the middle of August and believe you may have been missed out, it is worth contacting the tax authority directly.
Applications for the scheme have to be made online by 30 September through HMRC’s SEISS portal pages. You will need a variety of data to complete the application, including turnover figures for the relevant tax years, your national insurance number, your self-assessment unique taxpayer reference (UTR) number, and your bank account details. HMRC will check your details and is committed to paying you within six working days of receiving your claim.
Importantly, awards from the SEISS are grants, not loans, and do not have to be repaid. If you’re entitled to the money, you should definitely make a claim.
Nonetheless, self-employed workers are entitled to feel aggrieved about some aspects of the scheme. One issue is that while this round covers a five-month period, it only pays out on the basis of three months’ profit. More broadly, the SEISS is far less generous than the furloughing scheme that helps employed people whose employers are struggling with the pandemic. Bear in mind too that hundreds of thousands of self-employed workers continue to miss out on any help at all – including those who have paid themselves through dividends from their companies. If you’re not eligible for help, you may be able to claim universal credit, but this won’t come close to matching the value of the SEISS.
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.

David Prosser is a regular MoneyWeek columnist, writing on small business and entrepreneurship, as well as pensions and other forms of tax-efficient savings and investments. David has been a financial journalist for almost 30 years, specialising initially in personal finance, and then in broader business coverage. He has worked for national newspaper groups including The Financial Times, The Guardian and Observer, Express Newspapers and, most recently, The Independent, where he served for more than three years as business editor.
-
UK to have highest inflation among advanced economies this year and next, says IMF
The International Monetary Fund (IMF) says it expects inflation to remain high in the UK, while lowering economic growth forecasts for 2026.
-
Park Plaza: the perfect calm in Amsterdam
Enjoy a peaceful stay in the vibrant and largest city of the Netherlands - and why the Park Plaza, Vondelpark, could be the perfect stop for anyone looking for a bit of calm while still able to enjoy all that Amsterdam has to offer.
-
David Ellison: America's new media mogul
David Ellison is building a mighty new force in old and new media. Critics worry that he will prove to be a Trumpian patsy. Is that fair?
-
How Next defied the odds and positioned itself as a British high-street staple
Next rose from a near-death experience and now thrives as a high-street staple. What's driving its success – and should you invest in the retailer?
-
Why investors should avoid market monomania
Opinion Today’s overwhelming focus on US markets leaves investors guessing about opportunities and risks elsewhere
-
Can Rachel Reeves save the City?
Opinion Chancellor Rachel Reeves is mulling a tax cut, which would be welcome – but it’s nowhere near enough, says Matthew Lynn
-
Global investors have overlooked the top innovators in emerging markets
Opinion Carlos Hardenberg, portfolio manager, Mobius Investment Trust, highlights three emerging market stocks where he’d put his money
-
Investors should cheer the coming nuclear summer
The US and UK have agreed a groundbreaking deal on nuclear power, and the sector is seeing a surge in interest from around the world. Here's how you can profit
-
Healthcare stocks look cheap, but tread carefully
Shares in healthcare companies could get a shot in the arm if uncertainty over policy in the US wanes, but are they worth the risk?
-
The Palace of Westminster is falling down
The Palace of Westminster is in need of repair, but the bill is prohibitive, says Simon Wilson