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.
SEISS grants 2021
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:
- You must be a self-employed individual or in a partnership
- You must have traded in tax years 209/2020 and 2020/21
- You must have submitted your 209/20 tax return before 2 March 2021
It is essential that when you claim that you can honestly state:
- That you intend to continue to trade
- You believe there will be a significant reduction in your trading profits due to reduced business activity, capacity, demand, or inability to trade due to coronavirus from May 2021 to September 2021
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