• Skip to primary navigation
  • Skip to main content
  • Skip to footer

Top notice bar

Call us on 08000 388799

Avanti Tax Accountants HomepageAvanti Tax Accountants

Bookkeeping, Accountancy and Taxation services

  • Home
  • About Us
  • Our Services
    • Bookkeeping & Accountancy
    • Corporation & Personal Tax
    • Payroll & CIS
    • Company Secretarial Bureau
    • Budgeting, Forecasting & Business Valuations
    • Mentoring & Business Coaching
    • Software & Training
  • Our Accountants
  • News & Insights
  • Send An Enquiry
Home » News & Insights » SEISS Grant – Claiming The 5th And Final Grant

SEISS Grant – Claiming The 5th And Final Grant

Posted on 15th June 2021

Applications for the 4th SEISS grant closed 1 June 2021.

Which leaves one grant outstanding for payment, the 5th grant, covering the period 1 May 2021 to 30 September 2021. This final grant will be opened to claims from late July 2021.

The grant is taxable and will be paid out in a single instalment. Guidance for claiming the grant will be available by the end of June 2021.

To be eligible for the grant you must be a self-employed individual, or a member of a partnership and you must have traded in the tax years:

You must have traded in the tax years: 2019-20 and submitted your tax return on or before 2 March 2021, and 2020-21.

You must either:

  • be currently trading but are impacted by reduced demand due to coronavirus,
  • have been trading but are temporarily unable to do so due to coronavirus.

To work out your eligibility for the fifth grant, HMRC will first look at your 2019-20 Self-Assessment tax return. Your trading profits must be no more than £50,000 and at least equal to your non-trading income.

If you are not eligible based on your 2019-20 tax return, HMRC will then look at the tax years 2016-17, 2017-18, 2018-19 and 2019-20.

If you do make a claim for the 5th grant you must declare that:

  • you intend to continue to trade,
  • you reasonably believe there will be a significant reduction in your trading profits due to reduced business activity, capacity, demand, or inability to trade due to coronavirus from May 2021 to September 2021.

You must keep evidence that shows how your business has been impacted by coronavirus resulting in less business activity than otherwise expected.

HMRC expects you to make an honest assessment about whether you reasonably believe your business will have a significant reduction in profits.

The amount of the fifth grant will be determined by how much your turnover has been reduced in the year April 2020 to April 2021.

HMRC will provide more information and support by the end of June 2021, to help you work out how your turnover was affected.

The amount you might receive will be based on:

Turnover reduction     How much you will getMaximum grant
30% or more80% of 3 months’ average trading profits£7,500
less than 30%30% of 3 months’ average trading profits£2,850

If you are eligible based on your tax returns, HMRC will contact you in mid-July 2021 to give you a date that you can make your claim.

Source: Informanagement

Share this post:

Share on TwitterShare on FacebookShare on LinkedInShare on E-mail

Filed Under: News

Disclaimer:- The information contained herein is given by way of general guidance only and no action should be taken solely on the basis of the information contained herein. The Avanti Group (UK) Ltd will be pleased to provide further guidance on the issues, and how they might affect you. No liability is accepted by the firm for any action taken without seeking appropriate professional advice

Footer

Navigate

  • Find An Accountant
  • About Us
  • News & Insights
  • Privacy Policy
  • Letter Of Engagement

Our Services

  • Software & Training
  • Mentoring & Business Coaching
  • Budgeting, Forecasting & Business Valuations
  • Company Secretarial Bureau
  • Payroll & CIS
  • Corporation & Personal Tax
  • Bookkeeping & Accountancy

Get In Touch

Tel: 08000 388799
Send us an enquiry

  • Facebook
  • Instagram
  • Twitter
Copyright © 2023 Avanti Tax Accountants · All Rights Reserved
Part of The Maurice J Bushell & Co Ltd Franchise (UK) Ltd · Company Reg: 10407313 and The Avanti Group (UK) Ltd · Company Reg: 04635630 · Created by Purple Hippo
  • So we can contact you to discuss your enquiry
  • So a member of our team from your area can contact you
  • By clicking ‘Send Enquiry’ you agree to receive contact from Avanti Tax Accountants using the details given above. We respect your personal information and your privacy and will not share or sell your information to other organisations. Please read our Privacy Policy for more information.
  • This field is for validation purposes and should be left unchanged.