Unlike previous SEISS grants the amount of the fifth grant available is determined by how much a self-employed individual’s turnover is reduced.
The fifth grant is 80% of three months’ average trading profits capped at £7,500 for those self-employed individuals whose turnover has reduced by 30% or more. Those with a turnover reduction of less than 30% will receive a grant based on 30% of three months’ average trading profits, capped at £2,850.
Claims must be made by 30 September 2021. It is the taxpayer who must make the claim, an accountant or agent cannot submit the claim on their behalf.
Before making a claim taxpayers must:
HMRC advises taxpayers will need to have both figures ready when they make their claim.
A taxpayer can calculate their turnover for 2020/21 in a number of ways:
Claiming the fifth SEISS grant is not straightforward so please contact us for advice on determining your turnover figures or eligibility on 01292 265071.
More information, the government have produced a webinar which can be viewed here >>