Self-employed workers have just under one month left to apply for the fifth and final SEISS grant.
SEISS - officially known as the self-employed income support scheme - has provided a financial boost for millions of workers during the coronavirus crisis.
It offers grants worth up to £7,500 if you’re self-employed and your business has been disrupted by Covid-19.
But if you’ve yet to apply for this support, there isn’t much time left.
The last date to apply for the fifth SEISS grant is September 30 - just under four weeks away.
Here is what you need to know, including who is eligible for SEISS.
Who is eligible for the fifth SEISS grant?
The eligibility for the fifth SEISS grant is the same as it was for the fourth grant - so if you claimed the previous support, you'll be able to claim again.
Here is a breakdown of the criteria you must meet:
- Filed a 2019/20 tax return by 11.59pm on March 2, 2021.
- Traded in both the 2019/20 and 2020/21 tax years - and continue to trade beyond this
- Seen your business profits impacted by the coronavirus crisis - and have evidence of this
- Earned at least 50% of your total income from self-employment
- Recorded average trading profits of £50,000 a year or less
You can keep working while you claim a SEISS grant but you must prove your profits have been affected by Covid.
How much is the fifth SEISS grant?
The fifth SEISS grant is designed to cover the period of May 1 to September 30 - five calendar months - but confusingly is only worth three months' of trading profits.
How much you get is based on your average trading profits over three months and how much your business has been affected by Covid.
If your turnover has dropped by 30% or more, you'll be able to claim the full grant worth 80% of three months’ average trading profits, capped at £7,500.
But if your turnover has fallen by less than 30%, you'll be able to claim a grant worth 30% of three months' average trading profits, capped at £2,850.
Those who are newly self-employed - so who started trading in the 2019/20 tax year - will automatically get the maximum grant as there are no previous figures for HMRC to base your turnover against.
How do I apply for the fifth SEISS grant?
You can apply for the fifth SEISS grant on the HMRC website. You will need:
- A Self Assessment Unique Taxpayer Reference (UTR)
- Your National Insurance number
- Your Government Gateway user ID and password
- UK bank details
You'll also need two different turnover figures so HMRC can work out how badly your business has been affected.
HMRC began contacting eligible people in July with their unique application date - this is the absolute earliest date you can apply for SEISS from.
If you think you should be eligible for SEISS, but you've not heard from HMRC, you can call its helpline on 0800 024 1222.
You need to apply for SEISS yourself, as accountants or tax agent are not able to act on your behalf.
