SEISS Grant 5

  • 0

SEISS Grant 5

A fifth (and as far as we know final) SEISS grant covering the period May 2021 to September 2021 will be available from late July for those sole traders or members of partnerships whose businesses continue to be impacted by coronavirus.

This grant will differ to the previous four claims as the amount will be determined by how much your turnover has been reduced in the year April 2020 to April 2021.

If your turnover has fallen by at least 30%, you will receive 80% of your average trading profits for 3 months, capped at £7,500.  For those whose turnover has fallen by less than 30%, you will receive 30% of your average trading profits for 3 months, capped at £2,850.

More information on the claim will be provided at the end of June by HMRC but we would recommend that if you believe that you are eligible for this claim, that you should start compiling details relating to your turnover for the year ended 5 April 2021 now.

Please remember to be eligible to the 5th SEISS grant you will need to meet all of the following criteria:

  • carried on a trade in 2019-20;
  • submitted your tax return for 2019-20 on or before 2 March 2021;
  • carried on a trade in 2020-21;
  • currently trading but are impacted by reduced demand due to coronavirus; or
  • have been trading but are temporarily unable to do so due to coronavirus; and
  • you are not excluded from the SEISS. An individual is excluded from the SEISS where their trading profits for 2019-20 exceeded £50,000 or were less than their non-trading income. However, where the person is excluded on the basis of 2019-20, HMRC will consider their returns for earlier years (going back to 2016-17 where relevant).

If you are in any doubt as to what is required then please do not hesitate to contact us but please note that we will not be able to advise until HRMC announce the exact details later this month.


Contactez nous

The Martlet Partnership LLP
Martlet House
E1 Yeoman Gate
Yeoman Way
Worthing
West Sussex
BN13 3QZ
UK

Tel.: +44 (0) 1903 600555
Fax.: +44 (0) 1903 600828
E-mail: info@martletpartnership.com