You can claim the 5
th SEISS grant if you are self-employed and if you think that your business profit will be impacted by coronavirus (COVID-19) between 1 May 2021 and 30 September 2021.
HMRC will contact you in mid-July if you’re eligible (based on your tax returns) to give you a date that you can make your claim from. You will need to confirm that you meet the eligibility criteria when you make your claim.
You will need to make your claim on or before 30 September 2021. The claim service will be available from late July 2021.
AM I ELIGIBLE TO CLAIM?
You can find out if you’re eligible to claim
here
WHAT INFORMATION WILL I NEED TO PROVIDE?
The fifth grant is different from previous grants. The amount you can claim depends on your business turnover, so you’ll need to provide HMRC with this information.
Turnover includes the takings, fees, sales or money earned or received by your business.
To make your claim, you’ll need to have two different turnover figures. You’ll need to work out your turnover for:
- a 12-month period starting between 1 April 2020 and 6 April 2020
- either 2019 to 2020 or 2018 to 2019 (In most cases you must use the turnover reported in your 2019 to 2020 tax return as a reference year).
Find out
how to work out your turnover so you can claim the grant.
You will not need to provide turnover figures if you started trading in 2019/20.
HOW MUCH WILL I GET?
If you need to tell us about your turnover
There are two levels of grant. HMRC will work out your grant amount based on how much your turnover is down by comparing your turnover figures.
| If your turnover is down by |
You’ll get |
Maximum grant amount |
| 30% or more |
80% of 3 months’ average trading profits |
£7,500 |
| less than 30% |
30% of 3 months’ average trading profits |
£2,850 |
If you do not need turnover figures to claim
You’ll get 80% of 3 months’ average trading profits. The maximum grant amount is £7,500.
Find out more information on
how HMRC work out your trading profits.
HOW THE GRANT IS TREATED
The grant is subject to Income Tax and self-employed National Insurance Contributions. It must be reported on your 2021 to 2022 Self-Assessment tax return.
The grant also counts towards your annual allowance for pension contributions. SEISS grants are not counted as ‘access to public funds’ and you can claim the grant on all categories of work visa.
If you need any further information on claiming the 5
th grant or any of the other support measures available for businesses affected by the pandemic, please contact your usual Moore adviser.