SEISS 5th grant applications are due this month – here’s all you need to know.
SEISS requests for the fifth and last round of Self-Employment Income Support Scheme awards must be submitted by the end of the month, giving self-employed employees only a few weeks to collect their final government assistance. The rules for the final grants are different from those for prior grants, so freelancers should make sure they’re ready. By September 30, 2021, SEISS claims for the last round of funds must be submitted.
By September 30, 2021, SEISS claims for the last round of funds must be submitted. According to HMRC, anyone who have had their business profit impacted by coronavirus from May 1, 2021 to the present should claim these grants.
Claimants must meet criteria from three distinct phases to be eligible for the final set of grants.
The first pertains to trading situations, since claimants must be self-employed or a partner in a partnership to be eligible.
They must also have traded throughout the tax years 2019 to 2021.
If you traded through a limited business or a trust, you won’t be able to claim a grant.
Claimants must also have the following:
HMRC will look back at prior years to determine if money can be paid if a claimant is not qualified for a grant based on their 2019 to 2020 trading results.
Finally, applicants must certify that they expect to continue business in the tax year 2021-2022 when filing a claim.
They must also state that they believe coronavirus will result in a “substantial loss” in their trading earnings.
HMRC points out that the fifth grant differs from previous grants in that applicants will be required to tell the government about their business turnover in most situations when filing a claim.
This is due to the fact that varying amounts will be awarded depending on the turnover data.
To file a claim, freelancers must calculate two amounts, one for April 2020 to April 2021 and the other for either 2019 to 2020 or 2018 to 2019.
The amount paid out will be determined by comparing these data.
If the claimant’s turnover falls by 30% or more, they will be eligible for an award of up to £7,500, which will cover 80% of three months’ average trade earnings.
They will receive a subsidy covering 30% of their turnover if it is less than 30%. “Brinkwire News in Condensed Form.”