If eligible, you can claim the fifth SEISS grant from late July. Be aware, however, that it’s different from previous grants. How much you receive is based on reduction in turnover.
When can I claim?
The online claims service opens from late July. HM Revenue & Customs (HMRC) will contact you if it thinks you’re eligible. It will provide a personal claim date. Apply anytime from this date up to 30 September 2021.
How much is the fifth SEISS grant?
It depends on your turnover. Specifically, how it’s been impacted by Covid-19. To what extent has turnover dropped? You’ll need to compare 2020-21 with a 12-month period prior to the pandemic.
Claim the fifth SEISS grant
To apply you must provide turnover for a pre-Covid year. This should be 2019-20 or 2018-19. Also supply the figure for your 2020-21 trading year.
Sometimes, self-employed people will need to take extra steps. It will depend on your circumstances. Is your accounting period less than 12 months? Check the position if you’re a sole trader with more than one business. Are you in a partnership but have no other businesses? Do you have more than one business including a partnership?
Calculating 2020-21 turnover
To claim the fifth SEISS grant work out your turnover for a 12-month period. It can start on any day between 1 April 2020 and 6 April 2020. Be honest. Also, be as accurate as possible. Of course, it’s straightforward if you’ve already completed your 2020-21 tax return. Simply check with your accountant or tax adviser. Otherwise, work through your invoices/bank account to obtain the figure.
Take care when doing the calculation. Don’t include any previous SEISS grants. Or other coronavirus support payments. So, omit Eat Out to Help Out payments, for example. Also leave out local authority or devolved administration grants.
2020-21 Self-Assessment tax return
Don’t worry. You don’t have to submit your 2020-21 Self-Assessment tax return yet. The deadline for this is 31 January 2022.
Reporting SEISS grants
Remember, SEISS grants are taxable. Don’t include them in your turnover. On the other hand, do report them accurately in your tax returns.
Generally, report the first three grants in your 2020-21 tax return. However, it’s possible that payment of these grants was on or after 6 April 2021. If so, report them in your 2021-22 tax return.
Include the fourth and fifth SEISS grants in your 2021-22 Self-Assessment tax return. You cannot submit it yet.
Get ready to claim the fifth SEISS grant
It will make life easier if you prepare now. First, confirm your eligibility. Then start pulling the information together. For guidance search ‘SEISS’ on GOV.UK. Alternatively, you can book a webinar.
Ready to claim the fifth SEISS grant? Or unsure about applying? Get in touch. Remember, we can help you. But we can’t apply for the grant on your behalf.