If you are self-employed and have claimed the Self-Employment Income Support Scheme grants (SEISS) during the lockdown, you must read this article.
The fifth Self-Employment Income Support Scheme (SEISS) grant will soon open for claims. The eligibility criteria are different for this grant, so make sure that you are eligible before making a claim.
Who can claim the fifth SEISS grant?
You can claim the fifth grant if you think that your business profit has been impacted by the coronavirus pandemic (COVID-19) between 1 May 2021 and 30 September 2021, and you meet the eligibility criteria.
You will need to confirm that you meet other eligibility criteria when you make your claim. The criteria have been set out into three stages, as shown below.
Stage 1
You must confirm your trading status. You must be self-employed or in a partnership and have traded in both tax years 2019/20 and 2020/21
Stage 2
Tax returns and trading profits. You must have submitted your 2019/20 tax return on or before 2 March 2021. Your trading profits should not be more than £50,000. Plus, your trading profits are at least equal to your non-trading income.
Non-trading income is any money that you make outside of your business. For example, if you also have a part-time job or pension.
Stage 3
When you make your claim, you must inform HMRC that you intend to keep trading in 2021/22 and that you reasonably believe there will be a significant reduction in your trading profits due to the impact of COVID-19 between 1 May 2021 and 30 September 2021
The HMRC is doing their best to help people understand whether they are eligible or not. It is essential to know this because if you make a claim and you did not fit the eligibility criteria, the HMRC is issuing penalties for overpayments.
Support from HRMC about SEISS
We found this helpful video made by HMRC, which explains the fifth Self-Employment Income Support Scheme grant in more detail – Click here.
There are also a series of live webinars which you can attend to find out more. These are helpful because you can ask questions using the on-screen text box and download handouts giving detailed examples, including links to more information – Click here.
If you would like any further advice about the fifth Self-Employment Income Support Scheme grant, you can contact us directly by calling 01623 490 120 or email us at