Claiming the fifth self-employed Income Support Scheme (SEISS) grant

The amount of the fifth grant available is determined by how much a self-employed individual’s turnover is reduced. This is unlike previous SEISS grants.

The fifth grant is 80% of three months’ average trading profits. For the self-employed whose turnover has reduced by 30%, this is capped at £7,500. In contrast, those with a turnover less than 30% will receive a grant based on 30% of three months’ average trading profits. This is capped at £2,850.

Claims must be made by 30th September 2021. The taxpayer must be the one to make a claim. An account or agent cannot submit the claim on their behalf.

Prior to a claim, taxpayers must work out their turnover for a 12-month period. This is starting from 1st April 2020 to 6th April 2020. They must also find their turnover from either 2019/20 or 2018/19 to use as a reference year.

HMRC advises taxpayers need to have both figures ready when they make their claim.

A taxpayer can calculate their turnover for 2020/21 in several ways. This can be by referring to their 2020/21 self-assessment tax return (if already completed). A taxpayer can check the figures on their accounting software. Additionally, they can review their bookkeeping or spreadsheet records that detail their self-employment invoices and payments received. They can check the bank account they use for their business to account for money coming in from customers. Finally, a taxpayer can ask their accountant or tax adviser for help in calculating the figures. However, accountants and agents are unable to make the claim on the taxpayer’s behalf.

Claiming the fifth SEISS grant is not straightforward so please contact us for advice on determining your turnover figures or eligibility.

Amy Telford ACA of Harvey, Telford & Bates comments:

“The fifth grant comes with advice on how to make a claim. This includes being assisted by an accountant in providing you with what you need to claim for the SEISS grant. Should this be the assistance you require, at Harvey, Telford & Bates we are on-hand to help you.”

For any assistance on this grant or would like guidance on any other services we offer, please contact our expert team by calling us at 01743 462604. Alternatively, please email us at [email protected]

For more information, please visit the website here