The Fifth & Final Self-Employment Income Support Scheme (SEISS) Grant
We've heard a lot about government support during the pandemic. A lot of this is coming to an end as the country attempts to return to some sort of normality. We now know what the fifth and final Self-Employment Income Support Scheme (SEISS) grant looks like. Whilst it's a little more complicated than the previous four, it will give some financial stability and support to those who qualify. Let's look at the details of SEISS 5.
You Should Have Had An Email
Firstly, you should have had an email by now. It should come from HMRC help and support with the subject line Helping you to claim for the Self-Employment Income Support Scheme – your date to apply. Within that email you should have information including your personal claim date. This is the date that you can apply from and applications can be sent until the end of September 2021. This might feel like a long time but if you intend to apply, it is best to get your application in as soon as possible after your designated date.
You may have received another email titled New Self-Employment Income Support Scheme – claiming the fifth grant. This will give details of a webinar that you can sign up to, in order to gain some help and further understanding.
What Is Different This Time?
The SEISS 5 grant covers 1st May 2021 until 30th September 2021, for the self employed impacted by COVID 19.
The amount you will get will depend on the current situation you are in compared to pre-pandemic. If your turnover is down 30% or more, you'll receive a rant worth 80% of 3 months' average trading profits. This is capped at £7500. If it is less then £3000, your grant will be worth 30% of 3 months' average trading profits. This would be capped a £2850.
We're not sure why it is only 3 months when the grant covers five months, May until September.
It is worth noting that even if your turnover increased, you might still qualify for the 30% grant. You'll need to believe that, due to the inability to trade or reduced demand, you will suffer a significant reduction in trading profits.
Get Yourself Prepared Ahead of Applying
You need to prepare your figures ahead of your application. You will be asked for a turnover figure for the 12 month period between April 2020 and March 2021. If you have recently done your tax return you should have that figure pretty close to hand. If you haven't yet done your bookkeeping, this is the perfect opportunity and reason to do it. You'll also need to provide a 12 month turnover figure for either 2018 to 2019 or 2019 to 2020.
Be sure to keep appropriate records and evidence of the impact upon your business. HMRC may ask to see this.
The fifth and final SEISS grant can help those who qualify and provide financial support in this difficult time. If you do not qualify, please see if you can get any other support from other sources.