If you are self-employed and your business has been impacted by coronavirus, you may be able to qualify for the government’s fifth – and final – Self-Employment Income Support Scheme (SEISS) grant.
The period for applications for the final grant opens later this month and covers the period 1 May to 30 September. If you were eligible for the fourth SEISS, then you will be able to claim this latest grant too. As with all SEISS applications, HMRC will contact you if you are eligible to apply – and give you a date from which you can apply.
However, the amount that you receive will depend on the reduction in your turnover, due to the pandemic.
- 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.
If you are newly self-employed and started trading in 2019/20 tax year, you will be eligible to receive 80% of average trading profits and will not have to provide the extra turnover information, as outlined above.
If you have questions about the fifth SEISS grant, please do get in touch – we’re here to support you.