• Olga

5th SEISS grant becoming available July 2021

We bring to your attention the details of the fifth Self-Employment Income Support Scheme (SEISS) grant.

If HMRC think you may be eligible, they will contact you in mid-July to give you a personal claim date, which will allow you to make a claim up until 30th September using an online claims service.

What you should prepare now The amount you may claim is determined by your reduction in turnover in the tax year 2020-21 compared to before the pandemic. Turnover includes the takings, fees, sales or money earned or received by your business. If you are looking to make a claim, you will need two turnover figures:

  • Turnover for a pre-covid year, representing 'normal' trading. This should be 2019-20 or 2018-19

  • Turnover for your 2020-21 trading year

Working out your 2020-21 turnover You need to work out your turnover for the 12-month period, starting between 1 April 2020 to 6 April 2020. Calculating your turnover will depend on the records you keep. You may need to:

  • Refer to your 2020 to 2021 Self-Assessment tax return, if you’ve completed it

  • Go through your bookkeeping or spreadsheet records that cover your self-employment invoices and payments received

  • Check the bank account you use for your business to account for money coming in from customers.

  • Be sure to exclude, from your income, any coronavirus support payments you received (for example: previous SEISS grants; Eat Out to Help Out payments; local authority or devolved administration grants) in your turnover figure.

You do not need to submit your 2020-21 Self Assessment tax return at this time. The deadline for the 2020-21 Self Assessment tax return is 31‌‌ January‌‌ 2022.

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