HMRC are now contacting self-employed individuals to apply for the fifth and final SEISS grant to support those affected by coronavirus (COVID-19).
To be eligible to make a claim for the grant, individuals must:
Be self-employed or a member of a partnership – they cannot claim the grant if they trade through a limited company or a trust
Have traded in both the tax years 2019 to 2020 and 2020 to 2021.
Intend to keep trading in 2021 to 2022.
Reasonably believe there will be a significant reduction in their trading profits due to the impact of COVID-19 between 1 May 2021 and 30 September 2021
IN ADDITION, they must have:
Submitted their 2019/20 tax return on or before 2nd March 2021.
Trading profits less than or equal to £50,000
Trading profits at least equal to their non-trading income.
To make the claim individuals will need their turnover for:
The tax year to 5th April 2021
The tax year to 5th April 2020 OR 5th April 2019.
Turnover figures will not be required if the trade commenced in the 2019/20 tax year and did not trade in any of the three previous years.
Two levels of grant will be available:
If turnover is down by 30% or more (or turnover figures are not required) – 80% of three months average trading profits, up to a maximum grant of £7,500.
If turnover is down by less than 30% – 30% of three months average trading profits, up to a maximum grant of £2,850
