The fifth Self-Employment Income Support Scheme (SEISS) grant covering the period May 2021 to September 2021 will open to claims from late July.
To qualify for the grant you must;
• be self-employed or a member of a partnership;
• have traded in the tax year 2019/20 and submitted a tax return on or before 2 March 2021, and also have traded in the tax year 2020/21;
• be currently trading but impacted by reduced demand due to coronavirus, or have been trading but are temporarily unable to do so due to coronavirus
Individuals will need to work out how much their turnover was reduced in the year April 2020 to April 2021 in order for HMRC to determine the amount of support individuals are entitled to.
The Treasury has said more information on eligibility will be released by the end of June 2021 and by mid-July individuals will be contacted who qualify to give them a date from which they can make their claim.
If you would like to discuss the SEISS grant in the context of your own business, get in touch with our tax team on 01788 539000 or 0116 261 0061.
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