The 5th Self-Employment Income Support Scheme (SEISS) Grant
If you’re self-employed, still impacted by Covid and planning for better times ahead, it may be useful to know that while the 4th SEISS grant closed on 1 June, a 5th grant for May to September 2021 will open in late July.
Guidance for claiming this fifth grant will be made available by the end of June 2021. Online claims for the 5th grant will be available from late July 2021.
HMRC will contact you in mid July to give a date you can make your claim from.
In order to apply, you need to be either trading now but impacted by reduced demand due to coronavirus, or have been trading but are temporarily unable to do so due to coronavirus.
How will HMRC calculate my grant?
- HMRC will take a look at your 2019-2020 self-assessment tax return.
- Trading profits must be no more than £50k pa and at least equal to your non-trading income.
- If you are not deemed eligible on that tax return – HMRC will then look at previous tax years (2016-2020).
- You must declare you are intending to continue trading.
- You must believe there will be a significant reduction in trading profits due to reduced activity, capacity, demand or inability to trade due to coronavirus from May-Sept 2021.
- You need to keep evidence to show how you have been impacted.
Amount of grant I can claim?
For turnover reduction of 30% or more, you will get 80% of 3 month’s average trading profits with a maximum grant cap of £7,500. For turnover reduction of less than 30%, you can expect 30% of 3 month’s average trading profits with a maximum grant of £2,850.