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Article

SEISS

Article

SEISS

8 Jul 2021

2 minute read

Earlier this year, Rishi Sunak announced that support for the SEISS will be extended throughout the summer. HMRC have recently updated their online guidance regarding the fifth and final payment for self-employed workers across the UK.

SEISS - news article image

Earlier this year, Rishi Sunak announced that support for the SEISS will be extended throughout the summer. HMRC have recently updated their online guidance regarding the fifth and final payment for self-employed workers across the UK. 

Applications will be open later this July for self-employed businesses who have been affected by coronavirus. The grant will be open from late July and close on 30 September, however it all depends on the drop-in turnover.

It is worth bearing that there are a few changes in the fifth grant in comparison to the previous ones. 

How does SEISS fifth differ?

  • The grant covers from 1 May – 30 September: However, it’s only worth three months of average trading profit in comparison to the furlough scheme.
  • You will need to provide two turnover figures when you make your claim, HMRC will use these to work out how much you will get. 
  • If you started trading in 2019 to 2020 and did not trade in the following tax years:
  1. 2018 – 2019
  2. 2017 – 2018
  3. 2016 – 2017 

You do not need to supply turnover figures. 

How will do I know if I’m eligible?

  • The eligibility criteria is the same as SEISS 4: If you were able to claim the previous grant, you will be able to again. You can see the criteria here.
  • You must have filed a 2019/20 tax return 
  • You must have traded in the 2019/20 and 2020/21 tax years and continue to trade.
  • At least 50% of your total income must be from self-employment
  • You must have an average trading profit of £50,000 a year or less
  • If you claim the grant, you can keep working although you need to declare your business has been impacted by coronavirus for the period you’re claiming for.

You can claim online by the 30th of September anytime from your personal claim data. More information about what you need to do to make your claim can be seen here.

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Need expert advice?

Speak to an expert for advice on
+44-1865 292200 or get in touch online to find out how Shaw Gibbs can help you

Email
info@shawgibbs.com

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