HMRC are now contacting business owners who may be eligible for the fifth SEISS Grant. Once contacted you can start your application to claim the grant. In our latest guide we walk you through what the grant is for, if you are eligible and how you can apply.
This grant is different to prior SEISS grants as you must prove that your income up to 5th April 2021 has decreased compared to prior years.
To be eligible you must meet the following criteria:
- Traded in the tax year ended 5th April 2020 and submitted your Self Assessment Tax Return on or before 02/03/2021
- Continued trading in the tax year ended 5th April 2021 (and now)
- Trading profits must be no more than £50,000 for 2020 and equal to or more than your non-trading income (for example, if you are also employed elsewhere)
- Your turnover (not profits) has reduced compared to 2020
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How Much Can I Receive from the Fifth SEISS Grant?
If you meet the above criteria then there are two possible amounts you could receive, depending on how much your turnover has decreased by:
- Reduced by 30% or more – 80% of 3 months’ average trading profits capped at £7,500
- Reduced by less than 30% – 30% of 3 months’ average trading profits capped at £2,850
Turnover does not include SEISS grants, Eat Out to Help Out income and any other local authority or devolved administration grants.
Important Tax Information To Remember for the Fifth SEISS Grant
Remember, the SEISS grants are treated as taxable income and will go onto your Self Assessment Tax Returns in the year that they were received.
HMRC are now also checking Tax Returns to the grant claims so honesty is the best policy when making a claim!
Would you like Further Advice About The Fifth SEISS Grant?
If you have any questions or would like advice about applying for the Fifth SEISS Grant or any other tax or accounting questions contact us today to arrange a free, no obligations call from experienced and qualified chartered accountants, at email@example.com or call us on 01237 478246.
We offer a full digital accountancy and bookkeeping service to the whole of the UK (excluding Northern Ireland), however, our key local service areas are Bideford, Barnstaple, Torrington, South Molton and the surrounding areas.