Claiming SEISS? 5 things you need to know
The week in Creative Money – 12 March, 2021
Creative Money aims to have an open conversation about finances in the creative industries.
It was founded in July, 2020 in an attempt to address a frustrating lack of relatable financial guidance for creative workers and is written by me, Matt Parker, a music journalist and lecturer.
Hello! The budget happened last week. For many of us in the creative industries, though, the bluster boils down to one key question: “what’s happening with the next SEISS grant?”
Because they are the government, they have not made this easy to understand, so I’ve done my best to translate it into something more digestible.
The news, as you may have heard, is that the Self-Employment Income Support Scheme will offer a fourth and fifth grant, each equivalent to a maximum £7,500 or 80% of your average trading profit for three months. They figure this out by looking at your past tax returns, from 2016/17 onwards.
So here are some things you should definitely know about the grants…
You can’t claim grant 4 until the end of April, even though it’s meant to cover the period February to, err, April! The window will close on 31 May, 2021.
Grant 5 can be claimed in July. HOWEVER, while it is presented as covering May to September (five months) it is still calculated against your typical profits over three months, which leaves claimants two months short – a significant cut.
Eligibility is now based on your 2019-2020 tax return, which may impact your ability to claim (for instance, if it tips your averaged income over the £50K mark, or means the majority of your income came from PAYE work). Don’t let it put you off trying, though – they will consider previous years as part of the calculation.
Grant 5 will require a ‘turnover test’ comparing April 2020 to April 2021. If your turnover (the money you brought in) has fallen by more than 30%, you’ll get 80% of your average profits for three months. If it’s fallen less than 30%, you’ll only get a grant of 30% of average profits. That’s a big difference.
You must declare a “significant reduction in your trading profits” due to coronavirus over the period covered by the grant – and you will need to keep evidence of this (accounts, cancellations, dates affected by lockdowns).
Sadly, the vast majority of the millions of those excluded have once again been left high and dry. And, again, the self-employed have come off worse compared to those on furlough.
The better news is that those who have submitted a 2019-2020 tax return are now eligible for support, so if you were newly self-employed for the initial rounds, you may now be able to claim.
That’s it for now, but see the link below if you want to read my updated piece on support options amid the pandemic, or check out the recent grants/funding opportunities – ↓ down there ↓. The Help Musicians’ Hardship Fund and The Theatre Artists Fund have both recently received new funding.
Want to find out more about funding options across the pandemic? Check out my (updated) piece on Coronavirus financial help for UK creative workers
Until next time,
Matt
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What do you need to know this week?
Webinar on UK public funding for artists, producers, creatives and promotors (Resident Advisor)
How 5 Young People Actually Make Money In The Stock Market (Refinery29)
In-depth analysis of the Spring budget and its impact on the creative industries (Freelancers Make Theatre Work)
Off to university this year? Don’t fear student debt! Student finance myths corrected by Martin Lewis from approx. 3 mins (ITV)
Grants and funding opportunities for UK creative workers
CLOSING: Sound And Music LGBTQ+ composers call
2x £500 grants available to support LGBTQ+ composers and music-creators to make the works they feel need to be heard, and to make this online space a safe, more diverse and relevant place to discover new music. Deadline: 14 March, 2021
Offers emergency grants of £1,000 to theatre workers and freelancers. Re-opening now due to a top-up from the Jerwood Foundation. You can re-apply if you've previously received support. Opening: 16 March, 2021 (10am)
CLOSING: Creative Scotland Hardship Fund for Creative Freelancers
Designed to support creative freelancers working in the arts, creative and screen sectors who are experiencing financial hardship due to the loss of income as a result of the COVID-19 pandemic, the Fund will be open to both new and previous applicants to apply for up to £2,000. Opens 2 March, 2021. Deadline: 22 March, 2021.
A Writing Chance bursary/mentorship scheme
Looking for new and aspiring writers from working-class and lower income backgrounds to take part in A Writing Chance. 10 successful applicants will gain a bursary of £1,500, one-to-one mentoring with an experienced writer and the chance of a byline in national print or online publications. Deadline: 26 March, 2021
Society of Authors Contingency Fund
Helps writers, illustrators, literary translators, scriptwriters, poets, journalists and others, whose author-related activities make up a substantial amount of their annual income. Grants range in value from £500 to £2,000. Deadline: ongoing
ArtCry grants
ArtCry is setup to provide a rapid turnaround of funding for art works responding to current events. Grants of up to £5,000 with a panel of artists, activists, creators and producers making decisions on applications within a week. Deadline: ongoing
Help Musicians Hardship Fund
The third phase of one of the major support funds for musicians is now open and will support successful applicants with a monthly top-up until March 2021. Deadline: ongoing
Actor's Children Trust hardship grants
ACT continues to pay Corona-crisis grants of £300 per family per month towards food and bills, as well as specific grants for children’s costs. Please use the contact form so we can check your eligibility as an actor under ACT’s criteria. Deadline: ongoing
Royal Variety Charity Financial Assistance grants
The Royal Variety Charity is uniquely positioned to provide financial assistance to anyone who serves any facet of the Entertainment Industry. Deadline: ongoing
The White Pube Writers Grant funded by Creative Debuts
£500 given out monthly to a working class writer based in the UK. This grant has been set up to support writers of all ages who are early in their careers and would benefit from this no-strings attached financial support to help them in whatever they like. Deadline: ongoing
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