News5th Self Employed Grant

5th Self Employed Grant

HMRC has confirmed that a fifth self employment income support scheme (SEISS) will be available from the end of July covering the period May to September 2021 for those affected by the pandemic

The grant is taxable and will be paid out in a single instalment. Guidance for claiming the grant will be available by the end of June 2021.

To be eligible for the grant you must be a self-employed individual or a member of a partnership.

Applicants must have traded in tax year 2019-20 and submitted your tax return on or before 2 March 2021, or in tax year 2020-21.

You must either be currently trading but are impacted by reduced demand due to coronavirus, or have been trading but are temporarily unable to do so due to coronavirus.

To work out your eligibility for the fifth grant, HMRC will first look at your 2019 to 2020 self assessment tax return. Trading profits must be no more than £50,000 and at least equal to non-trading income.

The amount of the fifth grant will be determined by how much turnover has been reduced in the year April 2020 to April 2021.

Turnover reduction

How much will be paid

Maximum grant

30% or more

80% of 3 months’ average trading profits

£7,500

Less than 30%

30% of 3 months’ average trading profits

£2,850

The online claims service for the fifth grant will be available from late July 2021.

If you’re eligible based on your tax returns, HMRC will contact you in mid-July 2021 to give you a date that you can make your claim from. Claims must be made directly by self employed individuals and cannot be processed by agents or accountants.

5th Self Employed Grant
5th Self Employed Grant

Our service to you

If you are a self employed, business owner/director of company looking to get your accountancy and taxation matters sorted, look no further. We are pro-active and easily accessible accountants and tax advisors, who will not only ensure that all your filing obligations are up to date with Companies House and HMRC, but also you do not pay a penny more in taxes than you have to. We work on a fixed fee basis and provide same day response to all your phone and email enquiries. We will also allocate a designated accounts manager who would have better understanding of your and business financial and taxation affairs. Book a free consultation call using the link below.

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