HMRC have issued initial guidance ahead of the fifth round of the Self-Employed Income Support Scheme (SEISS) that will cover May 2021 to September 2021.
Guidance for claiming the grant will be available by the end of June 2021.
To be eligible for the grant you must be a self-employed individual or a member of a partnership. You must have traded in the tax years:
You must either:
To work out your eligibility for the fifth grant HMRC 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 are not eligible based on your 2019 to 2020 tax return, HMRC will look at previous tax years.
In order to claim you must declare that:
You must keep evidence that shows how your business has been impacted by coronavirus resulting in less business activity than otherwise expected.
HMRC expects you to make an honest assessment about whether you reasonably believe your business will have a significant reduction in profits.
The amount of the fifth grant will be determined by how much your turnover has been reduced in the year April 2020 to April 2021 and further information is expected in due course to assist when calculating how turnover has been affected.
The online claims service for the fifth grant is expected to open in late July 2021. HMRC will contact eligible applicants in mid-July 2021 with a date from which they can make a claim.