Martin Lewis outlines details on the fifth SEISS grant
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The coronavirus pandemic has wreaked havoc for business owners, with companies having to shut up shop and reduce services during the numerous lockdowns. However, for self-employed individuals who’s business profits are affected by Covid, there are schemes such as SEISS in place to help.
The Self Employment Income Support Scheme (SEISS) provides a grant to those who will see disruption due to coronavirus.
Now on its fifth iteration, Brits can claim the grant if they think their business profit will be impacted by coronavirus in a certain time frame.
For the fifth grant, this is between May 1, 2021, and September 30, 2021.
Those wanting to apply need to make sure they meet other eligibility criteria when you make your claim.
SEISS 5th grant claim date: When you need to claim 5th SEISS grant by (Image: GETTY)
So what is the SEISS 5th grant claim date?
Before you do anything, you should check you are eligible to claim the fifth SEISS grant.
The Gov.UK website outlines this on their dedicated page here but the eligibility in brief is below.
You must be a self-employed individual or a member of a partnership.
SEISS 5th grant claim date: Brits can claim the grant if they think their business profit will be impacted by coronavirus (Image: GETTY)
SEISS 5th grant claim date: You need to check your eligibility before applying (Image: GETTY)
You must also have traded in both tax years:
- 2019 to 2020
- 2020 to 2021
You cannot claim the grant if you trade through a limited company or a trust.
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You must have:
- submitted your 2019 to 2020 tax return on or before 2 March 2021
- trading profits of no more than £50,000
- trading profits at least equal to your non-trading income
When you make your claim you must tell HMRC that you:
- intend to keep trading in 2021 to 2022
- reasonably believe there will be a significant reduction in your trading profits due to the impact of COVID-19 between 1 May 2021 and 30 September 2021
SEISS 5th grant claim date: SEISS explained (Image: EXPRESS)
Once you’ve organised the above, you can submit your claim through the Government portal which you can find here.
You will have received a personal claim date from HMRC as part of the process, and you should make your claim on or after this date.
The final cut off for applying for SEISS grant five is September 30, 2021.
How much could you get?
There are two levels claimants can receive, and HMRC will make a decision based on how much your turnover is down by.
This is worked out as follows
If your turnover is down by 30 percent or more, you’ll receive 80 percent of three month’s average trading profits.
This is capped at a maximum payout of £7,500.
If your turnover is down by less than 30 percent, you’ll receive 30 percent of three months average trading profits.
This is capped at a maximum payout of £2,850.