Self Employment - SEISS 5 - Latest News


SEISS 5

This is only of relevance if you are a self employed individual (not running a company) 

The final self employed grant will launch later this month and the criteria have totally changed and now look at turnover loss, with 2 different levels of grant depending on loss of turnover

Full gov.uk guidance here

 The grant is based on turnover (sales) and you will need to :

  • Work out your turnover for a 12-month period starting from 1 April 2020 to 6 April 2021.
  • And find your turnover from either 2019 to 2020 or 2018 to 2019 to use as a reference year.

What not to include

Anything reported as any other income on your tax return. You should also not include any coronavirus (COVID-19) support payments, for example:

·         previous SEISS grants

·         Eat Out to Help Out payments

·         local authority or devolved administration grants

If your turnover is down by 30% or more

Your grant will be:

·         worked out at 80% of 3 months’ average trading profits

·         capped at £7,500

If your turnover is down by less than 30%

Your grant will be:

·         worked out at 30% of 3 months’ average trading profits

·         capped at £2,850

Deciding if you can claim

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 Sept 2021

You can check if you may be eligible based on self assessment:

Check if you may be eligible

The rules are detailed and may not be easy to follow, as always please speak to us if you have queries.