Grant 5 of the Self-employment Income Support Scheme (SEISS) will open for applications from late July. The latest grant in the scheme will cover the period between May and September 2021.
As with the previous grants in this scheme, claims will only be available to self-employed people or members of a partnership. You must also have traded between 2019/2020 and 2020/2021 with completed tax returns on or before 2 March 2021.
The value of the grant each person will receive will now be dependant on a new ‘turnover test’. HMRC’s new test looks at the reduction in total sales between April 2020 and April 2021.
By taking the turnover test, the applicant can calculate how much their business has been impacted by the pandemic. Trading profits cannot be higher than £50,000 and must be at least equal to non-trading income for people to apply.
For information on the previous grant and other business support, read our recent post detailing some of the key announcements from the 2021 Budget.
Applicants will be asked to provide documentary evidence that clearly demonstrates the financial impact the pandemic has had on their business. If they can prove they have been impacted, they may be eligible for one of the following grants:
As with the previous grants in this scheme, you will be able to apply for the fifth grant on the Government website. The application portal opens at the end of July.
Check back here for a link to the portal or sign up for our newsletter to receive updates on the SEISS grant and other business support.