As you may already know, the fifth and final SEISS grant opened for claims at the end of July 2021. The grant is to cover any loss of earnings for those eligible between May 2021 and September 2021. The deadline for any claims for this grant have to be submitted by the 30th September 2021 so you’ve not got long left if you haven’t already applied!
If you’ve claimed one of these grants before, you may be eligible to do so again. The fifth grant is similar to the fourth with a few changes to how it can be claimed. This time round, HM Revenue & Customs are determining the level of the grant based on the reduction in any turnover for the individual making the claim.
Will I be eligible?
Good question. Because this grant has been a little bit different to the four that came before it, it’s always good to know if you’ll be eligible to claim this one.
To be able to claim this grant you have to be either self-employed or be a member of a partnership. You have to have traded in 2019 to 2020 and 2020 to 2021 tax years. You will also have needed to submit your tax return for the 2019 to 2020 year on or before the deadline of March 2nd 2021.
Of course, there are more criteria that you will have to meet to be eligible for this grant. If you are currently trading but have been impacted by the Coronavirus with a reduced demand for your services or stock, you can make a claim. If this doesn’t apply to you, you can still be eligible for the grant if you have been trading but have been unable to continue due to the pandemic.
As a self-employed person or a partnership, you cannot have made more than £50,000 in trading profits if you want to claim this grant. During the claim process, you will have to declare that you intend to continue trading. You will also be asked to state that there will be a big enough reduction in your trading profits due to the Coronavirus. Make sure you keep any evidence that shows how your business was affected by the pandemic in case they want to ask you about it in the future.
How much will I get?
The amount you can get from the grant will all depend on the criteria that HM Revenue & Customs have put in place.
They will calculate how much your turnover has gone down from the year ended 5th April 2020 to the year ended 5th April 2021.
Once they have determined that there has been a trading profit decrease, HM Revenue & Customs will award you one of the following grants:
- If you’re trading profits decreased by 30% or more you will get a grant that is worth 80% of 3 months average income with a cap at £7,500.
- If you’re trading profits decreased by less than 30% you will get a grant that is worth 30% of 3 months average income with a cap at £2,850.
Remember that you will need your tax returns from April 2020 to April 2021 so that they can determine which grant you get.
What happens if I didn’t claim before?
You don’t have to have claimed any of the previous grants to be eligible for this one. The pandemic has affected us all in different ways and if you’re all of a sudden feeling the impact, make sure you head over to the government website to claim this grant. Like we mentioned earlier, the cut off for this grant is the 30th September so make sure to get in there now if you can benefit from this scheme!