Fifth SEISS Grant
PERSONAL TAX ACCOUNTANTS IN MANCHESTER
Self-employed taxpayers can now apply for the fifth SEISS grant, but you may need to provide two different turnover figures from your business as part of your application....
The portal to apply for the fifth self-employed income support scheme (SEISS) grant opened on 29 July, but not everyone can apply at once.
HMRC has contacted every self-employed taxpayer (by email or letter) who they believe may be eligible to apply for the fifth and last SEISS grant, giving them a personal start date from which they can apply. You should not attempt to apply before your personal start date as your claim will not be processed.
This staggered start is to prevent every eligible taxpayer applying on the same day and crashing the system, and to give HMRC time to process all the grant payments due.
Taxpayers don’t have to apply for the SEISS grant on the first possible day, as the portal will remain open until the Fifth SEISS Grant deadline is 30 September 2021.
Who is eligible?
HMRC has checked basic eligibility of taxpayers in advance of opening the claims portal for them, such as whether the 2019/20 tax return was submitted by 2 March 2021.
The taxpayer must make a declaration in the application that they intend to keep trading in 2021/22. Also, that their trade profits will suffer a ‘significant reduction’ due to the impact of covid-19 in the period between 1 May 2021 and 30 September 2021.
There is no definition of “significant reduction” and HMRC is not planning to provide one. However, the taxpayer is only required to look forward to estimate their profits in the period ending 30 September 2021. You wont be required to re-examine your claim with hindsight after the event.
If you were eligible for the SEISS-4 grant (or earlier grants), but failed to apply on time then you can still apply for the fifth SEISS grant, if you meet the other conditions.
To complete the grant application the most taxpayers need to submit two different turnover figures, as outlined on 7 July. Since publishing that article, HMRC has improved its guidance and tweaked the law set out in the HMRC Direction slightly in respect of partnerships.
New traders, who started trading in 2019/20 and didn’t have a (different) self-employed trade in any of the years 2016/17 to 2018/19, don’t need to provide a turnover figure at all, as HMRC already has a figure for 2019/20 from their tax return. These new traders will get the 80% level of the grant.
Most taxpayers will need some help from their accountant to find the required turnover figures. We're here to help you with this, just give us a call 0161 928 9900 or pop us an email [email protected]
**We cannot complete the fifth SEISS grant application on behalf of our clients**
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