The fifth SEISS
The fifth Self-Employment Income Support Scheme (SEISS) grant is now available to be claimed and, if this applies to you, you will have probably received a notification from HMRC with a date from which you can make your claim.
The fifth grant is available if you think that your business profit has been impacted by Covid-19 between 1 May 2021 and 30 September 2021, and you meet the eligibility criteria. You have until 30 September to submit your claim. As with the previous SEISS grants, you are expected to make the claim yourself – but we are here to assist with any questions you might have.
The amount of the fifth grant will be determined by a turnover test, which considers how much your turnover has gone down by in the 2020 to 2021 tax year, due to the pandemic. To calculate how much your turnover has gone down by, you’ll need your turnover figures for the 2020 to 2021 tax year, and either the 2018 to 2019 or 2019 to 2020 tax years, depending on your circumstances.
You do not have to submit your 2020 to 2021 Self Assessment return beforehand, which is due by 31 January 2022, to be eligible, but you may need to calculate this figure to compare your turnover.
If your turnover was down by 30% or more in 2020 to 2021, you will receive a grant worth 80% of three months’ average trading profits (capped at £7,500). If your turnover was down by less than 30%, you will receive a grant worth 30% of three months’ average trading profits (capped at £2,850).
If your turnover increased, you may still qualify for the 30% grant. You’ll still need to reasonably believe that, due to reduced demand or inability to trade between 1 May and 30 September 2021, you will suffer a significant reduction in trading profits.
If you’ve got any questions, please do get in touch on: 01892 513515 or email: info@lewisandco.biz