The fifth (and final) SEISS grant will be available for the self-employed to claim towards the end of July. The eligibility criteria remain broadly the same as the fourth grant.
Fifth Self-Employed Income Support grant to be paid in July
By sponsors Humphrey & Co.
The fifth (and final) SEISS grant will be available for the self-employed to claim towards the end of July.
The eligibility criteria remain broadly the same as the fourth grant. Self-employed profits in 2019/20 must not exceed £50,000 and must be more than 50% of your total income. If that test is not met, then the same £50,000 and 50% tests are applied to average profits and total income over the four fiscal years to 2019/20.
Self-employed traders need not have claimed grants under the previous scheme to qualify for the July payment and will be required to confirm that their business continues to be adversely affected by Covid-19.
The amount that traders will be able to claim will depend on how much their turnover has reduced by. If the reduction is more than 30% the grant will be 80% of average profits capped at £7,500 but if less than 30% only 30% of average profits, capped at £2,850.
HMRC has released guidance on how to work out your turnover so you can claim the fifth SEISS grant which can be found here.
The online service for the fifth grant will be available from late July 2021. HMRC will contact you in mid-July to give you a date that you can make your claim. It will be given to you either by email, text message, letter, or within the online service.Find out more about the fifth SEISS grant here.