The fifth grant for the self-employed income support scheme will be available to claim as of late July 2021. This grant will cover the period between May and September 2021.
Who can claim?
As per the previous grants, you will only be able to claim the grant if you are self-employed or a member of a partnership. Your trading profits must be no more than £50,000 and at least equal to your non-trading income. HMRC will look at your 2019-2020 tax return to see if you are eligible.
Changes to the grant
For the fifth SEISS grant, there will be a significant change. The value of the grant will now be determined by how much your turnover has been reduced in the year April 2020-April 2021.
- If your turnover had reduced by 30% or more then you will be entitled to 80% of three months trading profits up to a maximum cap of £7,500
- If your turnover had reduced by less than 30% then you will be entitled to 30% of three months trading profits up to a maximum cap of £2,850
Where to claim the grant?
The online claim services for the fifth grant should be available from late July. HMRC should be in contact if you are eligible based on your tax returns
HMRC is set to give more guidance for the fifth grant in early July. Check back on our blog for further updates regarding the SEISS grant.
If you have any further questions, do not hesitate to get in touch with us.