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