The Fifth SEISS Grant
The Self-Employed Income Support Scheme (SEISS) was introduced to assist sole traders and those in a partnership who had been adversely affected by Covid-19.
The fifth SEISS grant can be claimed if you think that your business profits will be impacted by Covid-19 between 1st May 2021 and 30th September 2021.
There are three stages of criteria that need to be met to make a claim.
Stage 1: trading status and when you must have traded
You must be self-employed or a member of a partnership
You must have traded in both the 2019/20 tax year and the 2020/21 tax year
Stage 2: tax returns and trading profit
To claim you must have:
Submitted your 2019/20 tax return on or before 2nd March 2021
Have trading profits of no more than £50,000
Have trading profits that are at least equal to your non-trading income
Stage 3: deciding if you can claim
When making a claim for the fifth SEISS grant, you must tell HMRC that you:
Intend to keep trading in the 2021/22 tax year
Reasonably believe that there will be a significant reduction in your trading profits due to the impact of Covid-19 between 1st May 2021 and 30th September 2021
How much can be claimed?
To claim for the fifth SEISS grant in most cases you will need to tell HMRC your business turnover, this includes your turnover for the period April 2020 to April 2021 as well as either 2019/20 or 2018/19.
The grant will be based on how much your turnover is down by between the two turnover figures.
If your turnover is down by 30% or more, you’ll get 80% of 3 months’ average trading profits with the maximum grant amount being £7,500
If your turnover is down by less than 30%, you’ll get 30% of 3 months’ average trading profits with the maximum grant amount being £2,850
If you are eligible for the fifth self-employed income support scheme grant based on your tax returns, HMRC will have contacted you. If you’re not eligible based on your trading profits for the 2019/20 tax return, HMRC will look back on previous years.
Claims for the fifth SEISS grant must be made on or before 30th September 2021.
If you want help claiming the fifth grant, please get in contact with us