Self-Employment Income Support

Claims for the fourth Self-Employment Income Support Scheme (SEISS) grant closed on 1 June 2021. The online claims service for the fifth grant will be available from late July 2021.

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.

You can find the full guidance on GOV.UK here, and we have summarised some of the key points below.

Who can claim

In order to claim the fifth grant you must:

  • Be a self-employed individual or member of a partnership
  • Have traded in both tax years 2019-2020 and 2020-2021
    • Have submitted your tax return on or before 2 March 2021
  • Either:
    • Be currently trading but are impacted by reduced demand due to coronavirus
    • Have been trading but are unable to do so due to coronavirus
  • Declare that you:
    • Intend to continue to trade
    • Reasonably believe that there will be a significant reduction in your trading profits

To work out your eligibility for the fifth grant, HMRC will first look at your 2019-2020 tax return. Your trading profits must be no more than £50,000 and at least equal to your non-trading income.

If you’re not eligible based on your 2019 to 2020 tax return, they will then look at the tax years 2016 to 2017, 2017 to 2018, 2018 to 2019 and 2019 to 2020.

What the fifth grant covers

The fifth grant will provide a taxable grant determined by how much your turnover has been reduced in the year April 2020 to April 2021.

  • Turnover reduction of 30% or more – 80% of 3 months’ average trading profits, capped at £7,500
  • Turnover reduction of less than 30% – 30% of 3 months’ average trading profits, capped at £2,850

How to claim

The online claims service for the fifth grant will be available from late July 2021.

If you’re eligible based on your tax returns, HMRC will contact you in mid-July 2021 to give you a date that you can make your claim from.

 

Page updated: 14/06/2021

Contact us direct if you have any questions or concerns and we will do our very best to help.

 

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