Final SEISS available in July 2021
Updated: a day ago
Details of the much anticipated fifth grant under the Self-Employment Income Support Scheme were announced by HMRC on the 6th of July. If you intend to claim, what do you need to know?
It has arrived later than anticipated, and as of the 10th of July still hasn’t given a specific date when its online claims portal will open, but its guidance issued says it will be available from late July 2021.
To qualify, you must have:
submitted your 2020 tax return before 2 March 2021
have trading profits of no more than £50,000
trading profits at least equal to your non-trading income - This means you must earn more from Self-Employment than from PAYE/Pensions/Property Income.
Providing you meet the above criteria, you should qualify.
Getting ready to claim.
The fifth grant is different from previous grants. When making your claim, you’ll need to tell HMRC about your business turnover so they can work out your grant. This is even if you have not yet submitted your 2021 tax return to them. Also, it would help if you made sure the numbers reflect your tax return accurately so you don't receive a nasty surprise later in the year.
If you would like to file your return in preparation for this, call us today or if you haven't done so already, sign up here.
There are steps you can take so that you’re ready to make a claim as soon as the online service is available.
Work out your turnover for the twelve-month period starting on 6 April 2020 and Finishing on 5th April 2021 (use these dates in all cases)
Check your tax return from the previous year and find your turnover. This will be needed as a reference year.
There are 2 levels of grant.
HMRC will work out your grant amount based on how much your turnover has dropped by, they will compare your 2 turnover figures.
If your turnover has dropped by MORE than 30% you will receive 80% of your trading profits.
If your turnover is down by LESS than 30% you will receive 30% of your trading profits.
We hope that this has been useful if you would like to talk to Short and Sons Accountants please call 01784 390021 WhatsApp 07481 479933 or email email@example.com.