Claiming the Fifth SEISS grant -Everything you need to know
As the deadline for the Fourth SEISS grant passes, many businesses will be looking ahead to the fifth instalment.
Here is everything you need to know ahead of applications opening.
1. Who is eligible?
The grant is for individuals who are either self-employed or a member of a partnership who have experienced a negative impact on trading due to the Coronavirus pandemic.
To qualify, you must have traded in the tax years:
- 2019 to 2020 and submitted your tax return on or before 2 March 2021
- 2020 to 2021
To decide your eligibility, the government will first look at your 2019 to 2020 Self Assessment tax return. Your trading profits must be no more than £50,000 and at least equal to your non-trading income.
If you’re not eligible based on your 2019 to 2020 tax return, they will then look at the tax years 2016 to 2017, 2017 to 2018, 2018 to 2019 and 2019 to 2020.
2. How much will I get?
This will depend on how your turnover was affected. The government will look at how much your turnover has been reduced over the last year (April 2020 – April 2021).
How much you get will be based on the following calculations.
|Turnover reduction||How much you’ll get||Maximum grant|
|30% or more||80% of 3 months’ average trading profits||£7,500|
|less than 30%||30% of 3 months’ average trading profits||£2,850|
3. When can I claim?
The government have stated that the online claims service will be available from late July 2021. An exact date is expected to be announced soon.
The claims process is likely to be similar to previous support grants.
If you require any help, support, or advice regarding the fifth SEISS grant, then please get in touch. We are happy to help.