SEISS 5th Grant
HMRC has announced that the fifth and final grant for SEISS will be available to claim from late July until the end of September. But there is a change to the claims process for this grant: the introduction of a turnover test (which has caused some confusion).
Before making a claim for the fifth self-employment grant, individuals will need to work out their April 2020 to April 2021 turnover. They will then need to use their turnover from either 2019 to 2020 or 2018 to 2019 to use as a reference point when making a claim.
If turnover is down by 30 percent or more, then a person will get 80 percent of three months’ average trading profits - capped at £7,500.
However, if turnover is down by less than 30 percent, a lower grant amount will be offered. Please contact us for help if you are eligible to claim and are not sure how to (we can’t process the claim for you but can tell you how to do it).