The Self-employed people and members of a partnership that have seen a drop in earnings will be able to claim a final grant from the Self-Employment Income Support Scheme (SEISS) this year. The Government has published guidance on the fifth SEISS grant which covers May 2021 to September 2021.

The grant will be open to claims from late July 2021 with further guidance for claiming the grant available by the end of June.

 

Who is eligible for the scheme?

To be eligible for the fifth grant you must be a self-employed individual or a member of a partnership. Here are some extended eligibility criteria:

1. You must have traded in the tax years 2019 to 2020 and submitted your tax return on or before 2 March 2021 and in the tax year 2020 to 2021.

2. You must either:

• be currently actively trading but are impacted by reduced demand due to coronavirus
• have been trading but are temporarily unable to do so due to coronavirus.

 

3. You must declare that 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.

4. Your trading profits must be no more than £50,000 and at least equal to or more than your non-trading income.

 

Note: You must keep evidence that proves and shows how your business has been impacted by coronavirus resulting in less business activity than otherwise expected.

 

How does the fifth grant differ from the previous ones?

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.

Taj Accountants will provide more information and support based on HMRC guidelines by the end of June 2021 to help you work out how your turnover was affected.

Contact us or your trusted Accountants in London to guide you through any financial process.

 

How much will you get from the grant?

The amount you will get is based on the turnover reduction as given below: 

This is the first time an SEISS grant will differ its offering based on the individual claimant’s turnover.

 

When and how can you claim for the grant?

You can apply for the grant at the end of July 2021 when HMRC avails the online claims service for the fifth grant. 

If you’re eligible based on your tax returns, HMRC will contact you in mid-July 2021 to give you a date that you can make your claim.

 

How Taj Accountants Can Assist You:

As your reliable Small Business Accountants in East London, Taj Accountants aims to help you in all areas of your business accounting management and find the most suitable solution for your business, as per your requirements. Our specialized team of accounts aims to be your reliable source of solution for accounting and taxation problems where we offer a wide range of accountancy services along with tax services and advice, accounting services, payroll, tax return throughout London. Contact us for further information. Our contact information is available on our website. 

DISCLAIMER: The purpose of the blog is to provide information and insight regarding the situation. The readers must contact experts before making any decisions based on the information. We highly appreciate you contacting Taj Accountants for further assistance.