Today is the last day self-employed workers can claim the fifth Self Employment Income Support Scheme (SEISS) grant, it has been warned.
The grant is designed to support unincorporated businesses that have lost income as a result of the coronavirus pandemic.
Here’s what you need to know.
What is the SEISS?
Launched last year, the coronavirus support scheme is designed to help self-employed workers, such as sole traders or partners in a partnership, who have been impacted by Covid-19 restrictions.
The grant is non-repayable, but is subject to income tax and self-employed national insurance contributions (NICs). It must also be reported in your Self Assessment for the tax year the grant is paid.
The fifth grant covers the period 01 May to 30 September 2021.
When is the deadline?
The last chance to claim the fifth grant is today, Thursday 30 September. The online application portal will shut after this date.
How much can I claim?
The fifth grant is equivalent to 80 per cent of three months’ trading profits, up to a maximum £7,500, or 30 per cent of three months’ trading profits, up to £2,850, depending on how much turnover you have lost.
To test this, HM Revenue & Customs (HMRC) will ask you to declare your turnover for the tax year starting April 2020 and ending April 2021, and compare it to your turnover from either 2019 to 2020 or 2018 to 2019 to use as a reference year.
If your turnover is down by 30 per cent or more, you will be eligible for the higher grant.
You must also meet the usual scheme criteria.
Get advice today
For help and advice with related matters, please get in touch with our team today.