HMRC publishes guidance on the fifth SEISS grant

Full details of the fifth Self-employment Income Support Scheme (SEISS) grant, including a new turnover test which determines the level of the grant, have now been published by HMRC.

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Full details of the fifth Self-employment Income Support Scheme (SEISS) grant, including a new turnover test which determines the level of the grant, have now been published by HMRC.

The key change from the previous SEISS grant is that the level of the grant depends on whether turnover has dropped by more or less than 30%.

The fifth grant is 80% of three months' average trading profits, capped at £7,500 for those whose turnover has reduced by 30% or more. Those with a turnover reduction of less than 30% will receive a grant based on 30% of three months' average trading profits, capped at £2,850.

To be eligible for the grant, an individual must be self-employed or a member of a partnership. They must have traded in the tax year 2019/2020 and submitted their tax return on or before 2 March 2021, and also have traded in the tax year 2020/21.

They must be currently trading but be impacted by reduced demand due to coronavirus (COVID-19), or have been trading but are temporarily unable to do so due to COVID-19.

Claimants will need to provide two turnover figures during the claims process: one from the pandemic period and an earlier reference period.

For further details please see HMRC's guidance.

For more information about S I Ahmed & Co. Certified Public Accountants, Chartered Payroll Professionals, Tax and Business Advisors, please contact us.

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