If you are self-employed and have accessed the Self-Employment Support Scheme, you should read this article as it gives more information about the fifth grant.
If you could not apply for the first few grants, then it is worth checking if you are eligible this time as there have been some changes to the way the grant is calculated.
Chancellor Rishi Sunak has confirmed a fifth grant for the self-employed, covering the loss of profits from May until September 2021.
For the first three grants under the scheme, the sole trader profits, or share of partnership profits, from the 2019/20 tax year were not considered when determining the amount that could be claimed.
To claim the fourth and fifth grant, the 2019/20 tax return must have been submitted by midnight at the end of 2 March 2021. This is because the HMRC will be taking into account the profit figures. However, this change does mean that some self-employed businesses that were not eligible to claim the first three grants may find that they can make a claim this time around.
The full criteria for those eligible to claim the fifth self-employed grant are shown below:
It is essential that when you claim that you can honestly state:
In addition, you must keep evidence that shows how your business has been impacted by coronavirus resulting in less business activity than otherwise expected.
There will be complete guidance issued about the fifth grant by the end of June 2021, and the portal to make your claim will be open from late July. We will let you know nearer the time when you can start making a claim.
If you would like any further information about the Self-Employment Income Support Scheme, please contact us directly.
You can call 01623 490 120 or email This email address is being protected from spambots. You need JavaScript enabled to view it..
Haidee is our Personal Tax Director and is a fully qualified tax adviser, having achieved the ATT qualification in 2006. Tax efficiency being her main concern. Specialising in taxation, Haidee provides clients with advice on personal tax, PAYE services, VAT and social security. She also provides guidance to new start-up businesses.
Call us today on01623 490120
or email info@watsonk.co.uk
When you first start a business, your focus is usually on attracting customers, generating sales and building a successful company. Few business owners spend much time thinking about how or when they will eventually leave the business.
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