Support for businesses

Support for the self-employed, contractors, freelancers and gig economy

Self-employed Income Support Scheme (SEISS)

Round Four of the scheme related to February-April the scheme provided grants to self-employed individuals or members of a partnership with reduced work or no work at all due to coronavirus. The support covered 80% of average monthly trading profits, capped at £7,500 in total. Applications closed on 1 June 2021.

Applications for Round Five are due to open in late July. This will cover 1 May-30 September 2021 and eligibility is based on tax returns. This will be the final grant available under this scheme. You must make your claim on or before 30 September 2021.

Eligibility criteria include a 2019-20 tax return that was submitted on or before 2 March 2021 and trading profits of no more than £50,000.

Round Five is different from previous SEISS grants, as there will be two award tiers, based on turnover.

If turnover is down by

HMRC will award

Maximum grant amount

30% or more

80% of three months’ average trading profits

£7,500

less than 30%

30% of three months’ average trading profits

£2,850

For more information on the scheme, see here.

Job Retention Scheme (furlough)

If are set up as a limited company and pay yourself through PAYE, please check our  updates.

Universal Credit

If you were unable to be furloughed or unable to claim SEISS you may be eligible for Universal Credit; this support is for those who are unemployed, self-employed or on a low income. DWP has increased the monthly standard rate until September 2021.

For more information on the scheme, see here.

Benefits calculators

You can use free to use independent benefit checking services to work out your benefit entitlements and how you can submit a claim. Please visit any one of these three providers to get started, you will need details of your savings, household income, details of current benefits, outgoing, details of dependents, disability and house hold information such as Council Tax.

Here are three benefit calculators:

Budgeting

For free impartial advice for Newham residents on budgeting, benefits and financial planning please visit Our Newham Money.