Those who wish to claim for the fifth Self-Employment Income Support Scheme (SEISS) will be able to do so by the end of this month (July 2021).
In order to gain the fifth grant you will need to meet three stages of criteria:
- You must be a self-employed individual or a member of a partnership.
- You must also have traded in both tax years: 2019 to 2020 and 2020 to 2021.
You cannot claim the grant if you trade through a limited company or a trust.
You must have:
- submitted your 2019 to 2020 tax return on or before March 2, 2021
- trading profits of no more than £50,000
- trading profits at least equal to your non-trading income
When you make your claim you must tell HMRC that you:
- intend to keep trading in 2021 to 2022
- reasonably believe there will be a significant reduction in your trading profits due to the impact of COVID-19 between May 1, 2021 and September 30, 2021
If you are eligible based on your tax returns, HMRC will contact you to give you a date that you can make your claim from.
You’ll need to confirm that you meet other eligibility criteria when you make your claim.
It will be given to you either by email, letter or within the online service.
You must make your claim on or before September 30, 2021, unfortunately we cannot make this claim for you.
If you need any further information on this please contact Melanie Tomkins, tax manager at Chester and Wrexham based Ellis & Co Chartered Accountants and Business Advisers on 01244 343504.
Ellis & Co Chartered Accountants and Business Advisers, Chester & Wrexham - 01244 343504, firstname.lastname@example.org