The fifth Self-Employed Income Support Scheme (SEISS) grant, which covers the period from May to September 2021, is available to be claimed from late July. If you are potentially eligible, then HMRC will contact you in mid-July.
The qualifying criteria under the fifth tranche of SEISS are very similar to those for the fourth tranche set out in our earlier article. You must also declare that you intend to continue to trade and reasonably believe that there will be a significant reduction in your trading profits due to COVID from 1st May 2021 to 30th September 2021.
The level of the fifth SEISS grant to be paid will depend on the reduction in your turnover between 2020 and 2021. If the reduction in turnover is 30% or higher, then the grant is 80% of the three-month average profits capped at £7,500, but if the turnover reduction is less than 30%, then the grant is 30% of the three-month average profits capped at £2,850.
The turnover calculation can be complicated; therefore, we suggest you contact your usual TC adviser on 0330 088 7111 to establish these numbers.