The 5th & Final SEISS Grant is Live

If you are self-employed and have been eligible for the last HMRC SEISS grant, the portal is now open to apply for the fifth and final grant

Rishi Sunak announced this would be the last SEISS grant

“You may be eligible for this grant if you think your business profits will be impacted by coronavirus between 1 May 2021 and 30 September 2021”

In claiming the fifth grant, you’ll need to ensure you meet various eligibility criteria, as outlined below:

1. Criteria

• You are self-employed and have not had trading profits in excess of £50,000 and any other income is less than your self-employed profits

• Your business has been impacted by coronavirus and will continue to be until 30 September 2021

• You are still actively trading or seeking to continue trading

• You must have submitted your 2019 and 2020 Tax Returns on or before 2 March 2021

• You must have traded in both the 2019-20 and 2020-21 tax years

2. How to make the claim

• You will get an email with your personal claim date if you’ve previously used the scheme giving you the date you can apply

• You have to make the claim yourself and your accountant or agent cannot make this for you

• When you apply, you’ll be asked for your turnover for 2019-20 and 2020-21 so make sure your turnover figures have been reconciled and will be the same as what is submitted on your 2021 Tax Return

• Make the application by 30 September 2021

3. How the claim is calculated

• If your turnover has decreased in 2020-21 compared to your 2019-20 or 2018-19 figures by more than 30%, you will be able to claim the full fifth grant at 80% of 3 months of your average trading profits (capped at £7,500)

• If your turnover as above has decreased by less than 30%, your grant will be restricted to 30% (capped at £2,850)

• If your turnover increased, you may still qualify if your earnings have been affected during the period from 1 May 2021 to 30 September 2021

• The claim is relatively straight forward but if you do put in any inaccurate figures, HMRC could seek to claw back the grant so make sure you check the calculations.

Here’s an example of how the 80% / 30% calculation works:

Average trading profit over last 4 years = £48,000

Divide by 12 months = £4,000

Multiply by 3 months =  £12,000

Multiply by 80% for higher grant (if turnover down by 30% or more) = £9,600, capped at £7,500

Multiply by 30% for lower grant (if turnover down by 30% or less) = £3,600, capped at £2,850

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ACT TODAY

Visit HMRC’s website for more information and to register for your gateway account if you haven’t already do so

You can claim the grant here

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FUSE is an independent Chartered Certified firm of accountants and tax advisors based in Highgate Village, North London. We provide a dynamic range of services to clients working in property, media, entertainment, and professional services. Our clients vary in size from self-employed sole traders, small enterprises and medium-sized businesses. We believe that comprehensive financial planning and sound business financial advice are the keys to growth and profitability.