Latest Covid assistance grant details for self-employed announced by Gov.uk
Applications for the fifth and final grant open later this month and close 30th September 2021.
Full details are available on the Gov.uk website, but our Business Advisors are available to help – book an appointment if you have any questions
The grant covers 1 May to 30 September 2021 but is worth three months of average trading profits.
HMRC will contact those eligible to confirm the earliest date you can make a claim. Claims can be made up to 30 September 2021.
As with previous grants, you can apply online using your government gateway.
The eligibility criteria is the same as for SEISS 4. If you were able to claim previously, you'll be able to claim the grant again.
The amount you can get is based on three months of average profits. Whether you get 30% of that or 80% of that depends on your turnover, and you will need to provide those figures.
The eligible, newly self-employed, who started trading in the 2019/20 tax year, will not have to provide the extra turnover information. They will automatically get 80% of profits.
The maximum grant is capped at £7,500. This represents 80% of three months' worth of average trading profits.
If your turnover has fallen by 30% or more, you'll be able to claim 80% of three months’ average trading profits, capped at £7,500.
If your turnover has fallen by less than 30%, you'll be able to claim a grant worth 30% of three months' average trading profits, capped at £2,850.
To work out your average trading profits HMRC will use up to four years of tax returns. If you've traded and submitted tax returns for 2016/17, 2017/18, 2018/19 and 2019/20 - all the profits and losses will be added together and divided by four.
To be eligible:
- You must have filed a 2019/20 tax return.
- You must have traded in the 2019/20 and 2020/21 tax years and intend to continue to trade.
- You must reasonably believe there will be a significant reduction in your trading profits from May to September.
- At least 50% of your total income must be from self-employment.
- Your average trading profit must be £50,000 a year or less.
You can keep working if you claim the grant. However, you need to declare your business has been impacted for the period you're claiming for.
You need to have two turnover figures to hand when making a claim.
1. Your turnover for the 12-month period between April 2020 to April 2021.
2. A 12-month "reference" turnover figure from either the 2019/20 OR 2018/19 tax years.
Past SEISS grants and other Covid support should not be included.
Extra help is available from HMRC, guidance is available online, and HMRC says there will be support materials available from mid-July to help customers prepare – don’t forget, you can also book an appointment with one of our Business Advisers.
To make a claim (deadline: 30th September 2021):
Claiming online is quick and easy, you will be contacted by HMRC in due course to give you the earliest date to make your claim. You can do this by searching for ‘SEISS’ on GOV.UK anytime from your personal claim date until 30th September 2021.
You'll need the following:
- Turnover figures for April 2020 to April 2021 and 2019/20 and/or 2018/19.
- National Insurance number
- Self Assessment Unique Taxpayer Reference (UTR) number
- Government Gateway user ID and password
- Bank account number and sort code, or roll number building society
When will a payment be made:
HMRC will make the relevant checks, payment will be made into your bank account within six working days of receiving your claim.
Still not sure what to do?
Our team of business advisors are here to help with any business advice you need.