SEISS 5th Grant for May 2021 to September 2021- guide for applicants

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.

Who can claim?

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:

  • 2019 to 2020 and submitted your tax return on or before 2 March 2021
  • 2020 to 2021

You must either:

  • be currently trading but are impacted by reduced demand due to coronavirus
  • have been trading but are temporarily unable to do so due to coronavirus

What about tax returns?

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.

How do I decide if I can claim?

In order to claim you must declare that:

  • you intend to continue to trade
  • you reasonably believe there will be a significant reduction in your trading profits due to reduced business activity, capacity, demand or inability to trade due to coronavirus from May 2021 to September 2021

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.

Why is the fifth grant different?

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.

Full government guidance can be found here or contact us at hello@chw-accounting.co.uk

 


This article is for general guidance only. It provides an outline, and may not include points which are important to your situation. You should not depend on this blog without taking advice based on the full facts of your case. The information given was correct at the time of publication.

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