Fifth round of SEISS opens later this month05/07/2021
Whether you are self-employed or a member of a partnership, you could be in-store for more financial support later this month. The fifth round of the government’s Self-Employment Income Support Scheme (SEISS) opens later this month, and it is imperative that you make use of it, if you are eligible, to give your business the best chance at surviving, or even prospering, despite the impact of the coronavirus pandemic.
The fifth round of SEISS grants will cover income lost between May 2021 and September 2021. It will be paid out in a single instalment, and any self-employed person or member of a partnership whose business has been negatively impacted by the pandemic can apply – provided they meet a couple of criteria. First, that you traded in the tax year 2019 – 2020, and submitted your tax return on or before March 2nd, 2021, and that you traded in the year 2020 – 2021. And second, that you are currently trading, but have been impacted by reduced demand due to the coronavirus, or that you have been trading but are currently unable to do so due to the coronavirus.
Assuming you meet those eligibility criteria, a recent government publication states that you will be able to make a claim, which includes a declaration stating that you “reasonably believe” your business’s trading profits will be negatively impacted “due to reduced business activity, capacity, demand or inability to trade due to coronavirus from May 2021 to September 2021” and that you plan to continue trading.
The size of the grant you receive will be benchmarked against your business’s profitability, as shown by your Self-Assessment tax return, and the extent to which coronavirus impacted it during the period in question. Businesses that experienced a reduction of 30% or more will receive a grant worth 80% of 3 months’ average trading profits, to a maximum of £7,500. Businesses that experienced a reduction of less-than 30% will receive a grant worth 30% of 3 months’ trading profits, to a maximum of £2,850.
The government’s publication says “if you’re eligible based on your tax returns, HMRC will contact you from mid-July 2021 to give you a date that you can make your claim from.” However, for those of you who want a head start, it is worth keeping an eye on the government’s website as guidance about how to make a claim is due to be published imminently.
For help with an SEISS claim, or any other coronavirus pandemic support, please contact JW Hinks on 0121 456 0190. Our friendly and experienced team can help you to ensure your business is getting all the help it’s eligible for, putting it in the best position possible when life returns to normal.