When does SEISS grant number five open for claims for self-employed Covid relief?
THE SELF-EMPLOYMENT INCOME SUPPORT SCHEME (SELF-EMPLOYMENT INCOME SUPPORT SCHEME) WILL OFFER ANOTHER GRANTS TO ELIGIBLE CLAIM So, when does the government portal for SEISS grant five claims open?
Under the Self-Employment Income Support Scheme, eligible self-employed people might soon receive a grant worth up to £7,500 from the government (SEISS). The grant is taxable, and it will be worth 30 or 80 percent of a claimant’s average three-month trading gains.
Unlike the previous four SEISS grants, the size of the fifth SEISS grant will be determined by turnover.
The payment will be worth 80 percent of three months’ average trading profits if the claimant’s turnover has reduced by 30% or more.
In this case, the total award amount will be limited to £7,500.
If the claimant’s turnover has reduced by less than 30%, the award will be equal to 30% of the average trading earnings for the previous three months.
The grant will be capped at £2,850 in this situation as well.
HMRC has asked claimants to calculate two distinct turnover figures in order to make a claim.
Claimants will need to know their turnover between April 2020 and April 2021, as well as their turnover between 2019 and 2020 or 2018 and 2019.
The claims period for SEISS grant number five will begin in late July 2021, but no specific date has been chosen.
From mid-July, HMRC will contact people with personal claim dates to see if they are eligible based on their tax returns.
Potential claimants may be contacted by HMRC via email, text message, letter, or the online SEISS service.
To be eligible for the grant, people must submit their claims by September 30, 2021.
While lockdown measures were in place, many people benefited from the prior four SEISS awards.
However, since the scheme’s inception last year, there has been much criticism of the number of people who are ineligible for the handouts.
Earlier this year, the Chancellor announced some adjustments that made SEISS grants four and five available to a large number of newly self-employed people.
However, based on the present eligibility requirements, many self-employed people are still ineligible for self-employment grants.
Self-employed people with annual trading profits of more than £50,000, for example, were not eligible for earlier subsidies.
There was also a requirement that at least half of the applicant’s salary be used for the application. “Brinkwire News in Condensed Form.”