Self-Employment Income Support Scheme – Fifth Grant
A fifth grant covering May 2021 to September 2021 will be open to claims from late July 2021.
The fifth grant requires you to calculate your turnover between April 2020 to April 2021, further details can be found in the link below, but if you require assistance please contact us.
The fifth grant offers 80% of three months’ average trading profits, paid out in a single taxable instalment capped at £7,500.
To be eligible for the fifth grant, taxpayers must meet the following eligibility criteria:
- You must have traded in the tax years 2019 to 2020 (being submitted on or before 2 March 2021) and 2020 to 2021.
- You must either be currently trading but are impacted by reduced demand due to coronavirus or have been trading but temporarily unable to do so due to coronavirus.
- Trading profits must not be more than £50,000 and at least equal to or more than your non-trading income.
- For those with a 30% reduction in turnover, the above caps apply. For those with less than a 30% turnover reduction, the cap is £2,850 for the three month period.
You must keep evidence that shows how your business has been impacted by coronavirus resulting in less business activity than otherwise expected.
More information is to be released by HMRC and they will contact you from mid-July to provide a date that you can make your claim from.