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SEISS fifth grant update

SEISS fifth grant update

Andrew Coldwell

The government’s online service for the final self-employed income support scheme grant (SEISS) will be available some time around late July. If you are eligible to make a claim for the May 2021 to September 2021 period, HMRC will contact you from mid-July to inform you of the date you can make a claim from. 

Who can claim?
  • Self-employed individuals or members of a partnership
  • Traded in 2019/2020 and submitted your tax return before 2 March 2021 and traded in 2020/2021
  • If your current trade is being reduced due to coronavirus or your trade is temporarily unavailable due to coronavirus
  • You must declare that you intend to continue to trade
  • You must declare that you believe you’ll face a significant reduction in trading profits due to reduced business activity, capacity, demand or inability to trade due to coronavirus from May 2021 to September 2021
If you decide to claim, you must keep evidence to prove that your business activity and finances have been negatively impacted by coronavirus.

How is the fifth grant different?

The amount of the fifth grant will be determined by how much your turnover has been reduced in the year April 2020 to April 2021.

Turnover Reduction How it's calculated Maximum Grant
30% or more 80% of 3 months’ avg trading profits £7,500
Less than 30% 80% of 3 months’ avg trading profits £2,850

The payment will be made in a single instalment which is taxable and reportable on your Tax Return for the tax year ended 5 April 2022.

You can find guidance on the scheme here.

If you require assistance with SEISS, please contact us here.