Martin Swain, Director
How to claim the fifth Self-employed Income Support Scheme (SEISS) grant
HMRC has now issued guidance on how UK residents can claim the fifth and final Self-employed Income Support Scheme (SEISS) grant.
The fifth and final SEISS grant will work slightly differently to the previous installments. The amount that can be claimed on the fifth grant will be determined by how much a self-employed individual’s turnover is reduced.
The final grant is 80% of three months’ average trading profits capped at £7,500 for those self-employed individuals whose turnover has reduced by at least 30% or more. Those with a turnover reduction of less than 30% will receive a grant amount based on 30% of three months’ average trading profits, capped at £2,850.
All claims must be made prior to the September 30th 2021 deadline. It is the taxpayer who must make the claim, an accountant or agent working on their behalf cannot submit the claim.
Before making a claim taxpayers must
- Work out your turnover for a 12-month period starting from 05 April 2020
- Find their turnover from either 2019/20 or 2018/19 to use as a reference year.
HMRC has advised taxpayers they will need to have both figures ready when they make their claim.
How to calculate your turnover for 2020/21
- The easiest way is to refer to your 2020/21 self assessment tax return (If this has already been completed)
- Check the figures on your accounting software.
- Review your bookkeeping records that detail your self-employment invoices and payments received.
- Check your bank account you use for their business to account for money coming in from customers.
- Ask your accountant or tax adviser for help in calculating the figures. However accountants and agents are unable to make the claim on the taxpayer’s behalf.
360 can help!