Martin Lewis outlines details on the fifth SEISS grant
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SEISS is formally known as the Self-Employment Income Support Scheme and has served as a lifeline for eligible Britons over the last year. The Government scheme has offered help in the form of grants to cover the loss of trading profits many self-employed people suffered due to the pandemic. Recent figures have shown a total of 9.1 million grants have been claimed by self-employed workers across the UK since May 2020.
With many businesses forced to close, or losing customers, SEISS aid has been vital, but the scheme is gradually coming to an end.
Under current plans, the fifth grant of SEISS is the final formal support measure the Government is to offer to the self-employed.
The fifth grant has recently opened to those who are eligible to offer more support amid restrictions being eased.
People can claim if they believe their business profit will be impacted by COVID-19 between May and September 2021.
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But when making a claim, there is an important deadline to bear in mind.
A failure to do so could mean Britons end up missing out on the financial support many will need during this challenging time.
HMRC said: “You must make your claim on or before September 30, 2021.
“Before you claim, you must make sure you meet all the eligibility criteria.”
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Individuals will need to action their claim before this date to ensure it is processed.
And many should note a claim for the fifth grant cannot be amended after the claim process closes.
As a result, then, it may benefit the self-employed to take action as soon as possible, in case any issues occur in the process.
Self-employed people should be given a personal claim date by HMRC which will tell them what is the best time to claim.
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The claim must be made by the individual concerned, rather than a tax agent or adviser.
If someone else claims on a person’s behalf it will trigger a fraud alert, and subsequently delay payment, so this is an important point to note.
HMRC will then check claims to ensure honesty and accuracy amongst claimants.
Individuals who are aware they are not eligible but try to claim fifth grant support anyway may also be required to pay a penalty.
Ahead of the all-important deadline, HMRC has also advised Britons on the steps they should be taking to prepare their claim.
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The fifth grant slightly differs from previous support measures, and is based on turnover, so this will be key to provide.
Self-employed people need to provide two turnover figures in most cases, which will be used to determine how much they will receive.
When making a claim, other details are also needed, which include:
- Self Assessment Unique Taxpayer Reference (UTR)
- National Insurance number
- Government Gateway user ID and password
- UK bank details – sort code, account number, name on account, address linked to account
HMRC has said it will only accept bank details where a Bacs payment can be processed, so this should be checked beforehand.
In addition, some people may have to answer questions about their credit file, driving licence and passport.