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Fifth SEISS grant offers reduced support for self-employed

Posted on June 09, 2021

The fifth and probable final grant for those who are self-employed will be open to applications from late July.

Applications for the fourth self-employment grant closed on 1 June 2021.

The fifth Self-Employment Income Support Scheme (SEISS) grant is expected to be the final SEISS grant and is less generous than previous grants.

Self-employed individuals and members of a partnership who have seen a reduction in trading activity due to the pandemic will be able to claim the fifth grant, which covers the trading period from May 2021 to September 2021.

The grant, which is taxable, is available for those who traded in 2019/2020 and submitted their tax return before 2 March 2021 and have traded in 2020/2021.  The claimable amount of the fifth grant is determined by how much turnover has been reduced in the year April 2020 to April 2021.

If your turnover has reduced by more than 30%, you can apply for 80% of three months’ average trading profits, capped at £7,500. Those whose turnover has reduced by less than 30% can apply for 30% of three months’ average trading profits, capped at £2,850.

Turnover reduction      How much you will get Maximum grant
30% or more 80% of 3 months’ average trading profits £7,500
less than 30% 30% of 3 months’ average trading profits £2,850

 

To be eligible, you must declare that you continue to trade.

HMRC is due to provide more details in late June, and business owners will be contacted in mid-July to be given a date to claim.

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