SEISS grant 5 - last chance to apply

SEISS

Thursday 30th September is the last day you can apply for the Self Employment Income Support Scheme (SEISS).

 

The rules for grant five are mostly the same as grant four with the key exception of a new turnover test. The Financial Impact Declaration Test is not a barrier for claiming grant 5, it will be only used once the applicant is satisfied they meet the conditions for claiming. The test will determine the amount of the grant.

 

The grant for the 5-month period is worth:

  • 80% of profits if turnover has reduced by more than 30% up to a maximum of £7,500
  • 30% of profits if turnover has reduced by less than 30% up to a maximum of £2,850

 

The latest turnover figure to use for the calculations needs to be the 12 months up to a date chosen by the taxpayer between 1 April and 6 April 2021. This figure should exclude any previous Covid-19 support payments.

 

This will then need to be compared to the turnover per the accounts, as reported on the 2019-20 tax return. Alternatively, the figure reported on the 2018-19 tax return can be used if 2019-20 was not a normal year for the business. Care needs to be taken to ensure the figures chosen represents a 12-month period only, and adjusted accordingly if that is not the case.

 

For more information and to apply go to https://www.gov.uk/guidance/claim-a-grant-through-the-coronavirus-covid-19-self-employment-income-support-scheme