HMRC has launched an online tool for claiming the fifth self-employed grant.
APPLICATIONS FOR THE FIFTH award under the Self-Employment Income Support Scheme (SEISS) are currently being accepted. So, how do you go about getting your fifth self-employed grant?
The fifth round of the Self-Employed Income Support Scheme has finally begun for applications (SEISS). Eligible claimants can now submit their claims for a government award worth up to £7,500, depending on their circumstances. Continue reading to learn how to apply for the fifth grant.
On July 28, the government’s website launched an online application for SEISS grant number five.
People who are qualified for the fifth award based on their tax returns should have received a personal claim date to apply from in mid-July.
People should file their claim on or after their assigned personal claim date, according to the guidelines.
The claimant must apply for the SEISS award on their own behalf; if someone else applies on their behalf, the grant may be denied.
The claimant must produce two turnover statistics in order to get the grant.
More information regarding how to calculate turnover was given earlier this year on the SEISS webpage.
SEISS claimants will essentially need to calculate their turnover from April 2020 to April 2021.
Claimants must also determine if their turnover was from 2019 to 2020 or 2018 to 2019.
Claimants must use their 2019 to 2020 tax return as a reference year in most situations.
If the claimant’s firm did not have a regular year in 2019, they can instead utilize their turnover from 2018 to 2019.
“If 2019 to 2020 was not an usual year for your firm, you can use the turnover reported in your 2018 to 2019 tax return,” the government website adds.
“Your data should demonstrate that the years 2019 and 2020 were not typical for you.”
The fifth grant is dependent on turnover because it determines how much money someone receives from the scheme.
A grant worth 80% of three months’ average business earnings, maximum at £7,500, will be available to someone whose turnover has reduced by 30% or more.
However, if a claimant’s turnover has reduced by less than 30%, they will only be entitled for a payment of 30% of three months’ average trade earnings, up to £2,850.
The online application for SEISS grant number five is now available on the government’s website, which may be found HERE.
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