A fifth grant covering May 2021 to September 2021 will be open to claims from late July. To be eligible for this grant, you must be a self-employed individual or a member of a partnership – HMRC will first look at your 2019-2020 SA Tax Return. Your trading profits must be no more than £50,000 and at least equal to your non-trading income. If you’re not eligible based on 2019-2020, HMRC will then look at 2016-2017, 2017-2018, 2018-2019 and 2019-2020.
You must have traded in the tax years:
- 2019 to 2020 and submitted your tax return on or before 02 March 2021
- 2020 to 2021
And be 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
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 due to COVID-19 from May 2021 to September 2021
The amount the fifth grant will be determined by how much your turnover has been reduced in the year April 2020 to April 2021.
If you have a turnover reduction of 30% or more, you’ll get 80% of 3 months’ average trading profits capped at £7,500. If your turnover reduction is less than 30%, you’ll get 30% of 3 months’ average trading profits capped at £2,850.
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