The fifth Self-Employment Income Support Scheme (SEISS) grant is due to open for claims from mid-late July.
Despite the fifth grant encompassing a five-month period from 1st May to 30th September, individuals will only receive three months’ worth of average trading profits for this five-month period.
Eligibility will be the same as for the fourth grant and will be based on the individual’s tax returns. There are no requirements that an earlier SEISS grant must have been claimed in order to be eligible for the fifth grant.
The amount individuals will receive will depend on how turnover figures in 2020/21 compare against figures in 2019/20.
Those who have seen turnover fall more than 30%, will receive 80% of three month’s average trading profits (capped at £7,500). Where turnover has fallen less than 30% the grant will only cover 30% of the same three months’ average trading profits (capped at £2,850).
Newly self-employed individuals, who started trading in 2019/20, will automatically receive the maximum grant (80% of three month’s average trading profits).
How to make a claim
To make a claim, individuals will need the following:
- Self-Assessment Unique Taxpayer Reference (UTR)
- National Insurance Number
- User ID and password for the Government Gateway
- UK bank details including, the name on the account, address linked to the account, account number, and sort code
- Turnover figures for April 2020 to April 2021 (Tax year 2020/21) and either figures for the 2019/20 or 2018/19 tax years.
All claims for the fifth SEISS grant must be made on or before 30th September 2021.
HMRC will be checking claims and where appropriate, will take action to withhold or recover inaccurate payments.
For more information on the fifth SEISS grant get in touch via our contact page, call us on 01704 891676 or email firstname.lastname@example.org.
Alternatively, visit the government website.