The fifth SEISS Grant will cover May 2021 to September 2021. To be eligible, you must be a self-employed individual or a member of a partnership.
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
In order to claim the 5th SEISS Grant, you must tell HMRC about your turnover if you traded in 2019 to 2020 as well as 2018 to 2019, 2017 to 2018 and 2016 to 2017. Turnover includes the takings, fees, sales or money earned/received by your business. Before you claim, you must work out your April 2020 to April 2021 turnover and find your turnover from either 2019 to 2020 or 2018 to 2019 to use as a reference year. You will need to have both figures ready when you make your claim.
You need to work out your turnover for a 12-month period, starting on any date from 01 April to 06 April 2020. You can use the following periods:
- 01 April 2020 to 31 March 2021
- 02 April 2020 to 01 April 2021
- 03 April 2020 to 02 April 2021
- 04 April 2020 to 03 April 2021
- 05 April 2020 to 04 April 2021
- 06 April 2020 to 05 April 2021
If your turnover is down 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, caped at £2,850.
Knowing how to take control of your business finances to maximise profits can be difficult, especially with the current climate. Knowing the common mistakes to avoid can be difficult and can leave you feeling unsure.