The fifth and final grant of the Self Employment Income Support Scheme (SEISS) covering May 2021 to September 2021 will be open to claims from late July 2021.
This is a taxable grant and if eligible, the grant will be paid in a single instalment.
Full guidance for claiming the grant is due to be published by HMRC at the end of June 2021.
Who is Eligible
To be eligible for the grant you must be a self-employed individual or a member of a partnership.
You must have traded in the tax years:
- 2019 to 2020 and submitted your tax return on or before 2 March 2021
- 2020 to 2021
You must either:
If you’re not eligible based on your 2019 to 2020 tax return, HMRC will then look at the tax years 2016 to 2017, 2017 to 2018, 2018 to 2019 and 2019 to 2020.
How much can you claim?
You must declare that:
- you intend to continue to trade
- you reasonably 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
When you can claim
The online claims service for the fifth SEISS grant will be open from late July 2021.
In mid-July HMRC will contact individuals who are eligible based on their tax returns to give them a date from which they can make their claim.
We will keep you up to date with the relevant links and full guidance when they become available.
You can submit a new claim for the fifth SEISS grant even if you haven’t claimed on the scheme before.
As these are classified as grants, if you are eligible and make a successful claim, you will not have to repay the support that you get however money paid to you will be subject to Income Tax and self-employed National Insurance. Because of this, you’ll need to include the SEISS grant you receive on your Self Assessment tax return.
Applicants for the SEISS grant will find out if their claim is successful straight after submitting the claim.
HMRC aims to pay successful grant applications within six working days into the chosen bank account.
|If you need advice on any of the above, please do not hesitate to contact us.