PWA Self Employed 5th Grant (July 19th 2021)

SEISS 5th GRANT

SEISS grant five will open for claims in late July 2021, but an exact date has not been set yet.

 

HMRC is contacting people from mid-July with personal claim dates to apply if they are eligible based on their tax returns.

HMRC may contact potential claimants about applying via email, text message, letter or within

the online SEISS service.

 

DEADLINE TO CLAIM

People will need to make their claims on or before September 30, 2021, to get the grant.

 

TURNOVER TEST

To claim, HMRC has asked claimants to calculate two different turnover figures.

 

Claimants will need to know their turnover for April 2020 to April 2021, in addition to their turnover for either April 2019 to April 2020 or April 2018 to April 2019.

Turnover includes the takings, fees, sales or money earned or received by your business.

HMRC state: “In most cases, when making your claim you’ll need to tell us about your business turnover so we can work out your grant amount.

CONTINUE TO TRADE

When making a claim, claimants must tell HMRC that they intend to keep trading in 2021 to 2022, and they “reasonably believe there will be a significant reduction in their trading profits due to the impact of coronavirus between May 1, 2021 and September 30, 2021.

HOW MUCH

HMRC will compare your turnover figures to work out how much you can claim.

Unlike the previous four SEISS grants, turnover will be crucial in determining the size of the fifth SEISS grant.

If your turnover has decreased by 30 percent or above, the grant will be worth 80 percent of three months’ average trading profits.

The total grant will be subject to a cap of £7,500 in this instance.

If the claimant’s turnover has decreased by less than 30 percent, the grant will be worth 30 percent of three months’ average trading profits.

In this case, the grant will also be subject to a cap of £2,850.