The 5th SEISS grant – eligibility to claim and information needed to make the claim

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HMRC have started to contact those that they believe may be eligible for the 5th (and final) Self-Employed Income Support Scheme Grant with a date from which they can make a claim for the grant.

The claim line is open until the 30th September.

The grant covers the period from May 2021 – September 2021.  Although the grant covers a 5 month period, the amount of the grant will be 3 months of trading profits.

You will need to declare that you ‘reasonably believe’ there will be a significant reduction to your trading profits during May – September 2021 due to Covid-19.

A turnover test will be applied in order to determine the amount of the grant.  The turnover is ‘takings, fees, sales or money earned or received by a business’.  No SEISS grants, Eat Out To Help payments or Local Authority Grants need to be included in calculating the  turnover.

The turnover for the claim should be for a 12 month period starting from the 1st April 2020 to the 6th April 2020.  For example from the 1st April 2020 to the 31st March 2021.  The turnover for that period is compared to the turnover for the tax year 2019/2020.  If the turnover is down by 30% or more the grant would be 80% of 3 months average trading profits as calculated for the previous grants.  However if the turnover is down by less than 30% then the grant will be calculated on 30% of 3 months average trading profits.

The tax returns for 2019/2020 need to have been filed by the 2nd March 2021.

For information relevant to your personal circumstances please contact Koreen by e-mail or by phone 01736 333576.


About the Author:

Koreen is a Member in Practice of The Association of Accounting Technicians, which means that she is both licensed and regulated by the AAT. However Koreen is also a Fellow Member which is an acknowledgement by the AAT of her senior status in terms of knowledge and experience.
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