A fifth grant will be available, covering May 2021 to September 2021.
When will the fifth SEISS grant be available?
The grant will be open to claims from late July 2021.
Will guidance be available?
Guidance will be available for claiming the grant by the end of June 2021.
Is the grant taxable?
The grant is taxable and is to be paid out in a single instalment.
What is the eligibility criteria?
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.
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 then look at the tax years 2016/17, 2017/18, 2018/19 and 2019/20.
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.
How does the fifth grant work?
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, HMRC will provide more information and support by the end of June 2021 to help you work out how your turnover was affected.
| Turnover reduction | How much will you 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 |
When can you claim the grant?
The online claims service for the fifth grant will be available from late July 2021.
If you are eligible, based on your tax returns, HMRC will contact you in mid-July 2021 to give you a date from which you can make your claim.
See:
https://www.gov.uk/government/publications/self-employment-income-suppor…
For more information regarding the Self-Employment Income Support Scheme, don’t hesitate to contact us.
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