The portal to apply for the fifth grant is now open. Invites to the portal for the fifth and final Self-Employment Income support Scheme (SEISS) grant are in the process of being sent out.
In the event that you’re eligible, HMRC will get in touch in order to provide you with your own independent claim date. From this point your portal will open for you to process your claim.
The Fifth grant is different from the last four grants as there are two levels of grant available. How much you will receive depends on the extent to which your business has been hit by Covid -19.
You can claim the fifth grant if you think that your business profit has been impacted by coronavirus (COVID-19) between 1 May 2021 and 30 September 2021, and you meet the eligibility criteria.
The deadline to make the claim is 30 September.
To be eligible for the fifth grant, there are several considerations that must be met. These include:
Applicants will need to consider their wider business circumstances when deciding whether the reduction is significant. New guidance on how trading conditions affect eligibility can be found here.
The grant does not need to be repaid if the applicant is eligible, but, as with the previous grants, it will be subject to income tax and National Insurance, and will need to be declared on the 2021-22 tax return.
Evidence must be retained to support claims made.
What do you need to make a claim?
To make the claim you will need to have 2 different turnover figures.
You need to work out your turnover figure for:
HMRC will then compare these figures and determine how much grant you will obtain.
Details on how to calculate your turnover for the grant claim can be found here by HMRC.
What eligible applicants will get
The fifth grant is calculated using either 30% or 80% of an average of three months’ trading profits. The following is how the appropriate rate is applied:
Making a claim
HMRC will be contacting all self-employed people in the UK that may be eligible to inform them of the fifth grant and provide them with an effective claim date from which the portal will be available.
You can check here if you are able to make a claim.
As with the first four claims, those who are eligible and need to make a claim must do this themselves using their Government Gateway account – accountants and agents are not permitted to make claims on behalf of their clients, as this may trigger a fraud alert that will delay payment.
Applicants can keep working if they make a claim, although they would need to declare that their business has been impacted for the period they are claiming for. HMRC will check for fraudulent claims.
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