SEISS 5th Grant – Get Ready

You may have received an email from the HMRC outlining if you are eligible and giving you a personal claim date.

If you are eligible you have until 30 September 2021 to claim.

This claim is different as it is reliant upon how much your turnover has reduced. 

You will need:

  1. Turnover figure covering the year 2019 – 2020 (in some cases 2018 – 2019)

  2. Turnover figure covering 2020 – 2021

You should not include any coronavirus support payments you received (for example: previous SEISS grants; Eat Out to Help Out payments; local authority or devolved administration grants) in your turnover figure.

How Much Will I receive?

The amount of the fifth grant will be determined by a turnover test, which considers how much your turnover has gone down by in the 2020 to 2021 tax year due to the pandemic.

  • If your turnover was down by 30% or more in 2020 to 2021, you will receive a grant worth 80% of 3 months’ average trading profits (capped at £7,500).

  • If your turnover was down by less than 30%, you will receive a grant worth 30% of 3 months’ average trading profits (capped at £2,850).

If your turnover increased, you may still qualify for the 30% grant. You’ll still need to reasonably believe that due to reduced demand or inability to trade between 1 May and 30 ‌‌September ‌‌2021, you will suffer a significant reduction in trading profits.

After you have submitted your claim

Once you have completed your claim, the HMRC will undertake checks to confirm the details you’ve given. Once accepted, they will pay the money directly into your bank account within 6 working days of receiving your claim.

You must keep appropriate records as evidence of the impact on your business.

This link will take you to the HMRC guidance:

Claim a grant through the Self-Employment Income Support Scheme - GOV.UK (www.gov.uk)

If you need any assistance, then please contact us.

Clayton-CCA-Shoes-Small.png

If you found this useful and are not currently a client of Clayton CCA, we’d be delighted to discuss your accounting needs. Take a look at our fixed fee structure and also what we do that is different…

Kris Clayton