The Government has revealed the fifth and final SEISS grant which will be available to claim from the end of July
To be eligible for the Self-Employed Income Support Scheme (SEISS), trading profits from 2019 to 2020 are up to £50,000 and income from other sources must be equal or higher.
The self-employed must be aware of further eligibility factors and have recorded evidence to support their claim, this can include:
- Have the intent to continue trading in the years 2021 to 2022
- Give adequate reason for the decline in their trading profits from the impact of Coronavirus, reduced business activity, demand, capacity etc from May 2021 to September 2021
From the SEISS grant, you can claim up to £7,500, which can help keep business alive. It is estimated that the fourth and fifth grants can help around 600,000 different people, giving the opportunity of newly self-employed the availability to apply.
The amount you can claim from the fifth grant is decided by the amount your turnover has been reduced from April 2020 to April 2021.
- If the turnover is reduced by less than 30%, you will receive 30% of three months average trading profit to a maximum value of £2,850
- If the turnover is reduced by 30% or more, you will receive 80% of three months average trading profit to a maximum value of £7,500
To claim the grant, the application can be done via the notification from HMRC including text, letter, email or the online SEISS portal.
Once you have received the notification you will need your:
- Self-assessment Unique Taxpayer Reference (UTR)
- National Insurance Number
- Government Gateway user ID and password
- UK bank details (name on the account, address linked to the account, account number and sort code)
To find out your turnover figures you can:
- refer to your 2020 to 2021 Self-Assessment tax return if you’ve completed it
- check your accounting software (if you use any)
- go through your bookkeeping or spreadsheet records that cover your self-employment invoices and payments received
- check the bank account you use for your business to account for money coming in from customers
- ask your accountant or tax adviser (if you have one)
This will be the final grant so make sure to get your application in before the deadline on 30th September.