When will I be able to apply for SEISS grant 5? The HMRC has issued an important update.
During the COVID-19 pandemic, the Self-Employment Income Support Scheme, or SEISS, was a major aid to millions of people. When, however, may you apply for SEISS award number five?
After being launched for a limited time in March 2020 in the early phases of the pandemic, SEISS was confirmed to continue earlier this year. In his March 9 Spring Budget, Chancellor Rishi Sunak confirmed additional support, with the support gradually tapering down as the economy reopens over the next few months. The final SEISS grant will be awarded in July and will run from July through September.
HMRC has updated its advise on when claimants should expect to receive their payment for the scheme’s last instalment.
“If you’re eligible based on your tax returns, HMRC will contact you from mid-July to inform you a date when the claims service will be available to you,” HMRC writes on Gov’s website.
“You will receive it via email, letter, or through the online service.”
According to the instructions, the online facility for claiming the fifth grant will be available in late July, with claims due by September 30, 2021.
HMRC will deposit the money into your bank account within six working days after you’ve been given your claim date and applied, and will send you an email letting you know it’s on its way.
Anyone claiming SEISS is advised not to contact HMRC unless it has been more than 10 working days since they submitted their claim and have not received their payment.
Income tax and self-employed National Insurance Contribution rates apply to the award.
The payment must also be mentioned on your Self Assessment Tax Return for the years 2021-2022.
From the end of this month, the online claim service will be available.
According to HMRC guidelines, you must claim for yourself rather than on behalf of someone else.
“Do not ask a tax professional or advisor to claim on your behalf as this will cause a fraud alert, which will delay your payment,” the Revenue and Customs agency says.
HMRC will examine claims and, if necessary, withhold or recoup payments.
The fifth and final grant will be distinct from the others you’ve already received.
When filing a claim, you will almost always be required to supply two figures to prove your turnover.
HMRC will then make use of it. “Brinkwire News in Condensed Form.”