SEISS 5th Grant
Posted on 1st August 2021 at 10:59
What you’ll need to make your claim
The fifth grant is different. In most cases, you’ll need to provide 2 turnover figures when you make your claim. We’ll use these to work out how much you’ll get.
You do not need turnover figures if you started trading in 2019 to 2020 and did not trade in all of the following tax years:
2018 to 2019
2017 to 2018
2016 to 2017
Claim the fifth grant if you think that your business profit will be impacted by coronavirus (COVID-19) between 1 May 2021 and 30 September 2021.
You’ll need to confirm that you meet other eligibility criteria when you make your claim.
You should make your claim on or after the personal claim date HMRC has given you.
You must make the claim yourself. Do not ask a tax agent or adviser to claim on your behalf as this will trigger a fraud alert, which will delay your payment.
HMRC will check claims. We’ll take appropriate action to withhold or recover payments for claims found to be dishonest or inaccurate. If you know you’re not eligible for the grant and do not tell us, you may also have to pay a penalty.
If an amendment to your tax return on or after the 3 March 2021 lowers the grant amount you’re eligible for, you’ll need to tell us within 90 days. You may need to pay back some or all of the grant.
Who can claim
Find out if you’re able to claim for a Self-Employment Income Support Scheme (SEISS) grant by checking that you meet all criteria in stages 1, 2 and 3.
Stage 1: Your trading status and when you must have traded
You must be a self-employed individual or a member of a partnership.
You must also have traded in both tax years:
2019 to 2020
2020 to 2021
Stage 2: Tax returns and trading profits
You must have:
submitted your 2019 to 2020 tax return on or before 2 March 2021
trading profits of no more than £50,000
trading profits at least equal to your non-trading income
Stage 3: Deciding if you can claim
When you make your claim you must tell us that you:
intend to keep trading in 2021 to 2022
reasonably believe there will be a significant reduction in your trading profits due to the impact of COVID-19 between 1 May 2021 and 30 September 2021
How different circumstances affect the scheme
There are some circumstances that you should take into account, such as:
your return is late, amended or under enquiry
you’re a member of a partnership
you had a new child
you have loans covered by the loan charge provisions
you claim averaging relief
you’re a military reservist
you’re non-resident or chose the remittance basis
If you claim Maternity Allowance this will not affect your eligibility for the grant.
How to work out your April 2020 to April 2021 turnover
You need to work out your turnover for a 12-month period, starting on any date from 1 to 6 April 2020.
How much you’ll get
If you need to tell us about your turnover
There are 2 levels of grant. HMRC will work out your grant amount based on how much your turnover is down by after we’ve compared your 2 turnover figures.
If your turnover is down by 30% or more you will get 80% of 3 months' average trading profits, maximum of £7500
If you r turnover is down by less than 30% you will et 30% of 3 months' average trading profits, maximum of £2850
If you do not need turnover figures to claim
You’ll get 80% of 3 months’ average trading profits. The maximum grant amount is £7,500.
How the grant is treated
The grant is subject to Income Tax and self-employed National Insurance contributions. It must be reported on your 2021 to 2022 Self Assessment tax return.
The grant also counts towards your annual allowance for pension contributions. SEISS grants are not counted as ‘access to public funds’ and you can claim the grant on all categories of work visa.
Return to your claim
If you need to return to your claim, you can:
check the status of your payment
update your bank details if we have asked you to
check how much you got for previous grants
check to see if you think the grant amount is too low
After you’ve claimed
We’ll check your claim and pay your grant into your bank account within 6 working days. We’ll send an email when your payment is on its way.
Do not contact us unless it has been more than 10 working days since you made your claim and you have not received your payment in that time.
If your business recovers after you’ve claimed, your eligibility will not be affected as this is based on your reasonable belief that your trading profits would have been significantly reduced at the time you made your claim. You must keep evidence to support this.
You need to tell HMRC if you:
made a claim in error as you were not eligible for a grant
made a mistake reporting your turnover in your claim which means you are entitled to a lower grant than you received
later realise you should have reported a different turnover figure in your claim which means you are entitled to a lower grant than you received
amended any of your tax returns on or after 3 March 2021 which means you’re no longer eligible or are entitled to a lower grant than you received
would like to make a voluntary repayment
Tagged as: SEISS
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