The claim process for the 5th tranche of the Self Employed Income Support Scheme (SEISS) opened today, and all claims need to be made by 30th September.

HMRC will have contacted you if they believe you are eligible to claim SEISS and will have informed you of the date you can claim from.

You can make a claim under the 5th tranche even if you have not made any SEISS claims under any of the previous tranches.

To be eligible to make the claim you must meet the following requirements:

  • You must have traded as an individual or a partner in both 2019/20 and 2020/21;
  • Submitted your 2019/20 tax return by 3rd March 2021;
  • Trading profits of less than £50,000 and must be at least equal to non-trading profits; and
  • Intend to keep trading in 2021/22 and expect your trading profits to significantly reduce in the period 1st May 2021 to 30th September 2021 due to COVID-19.

If you are eligible, then HMRC will ask you for two turnover figures, and this determines the size of your grant:

  1. The first is your turnover for the 12 months ending on any of 31st March 2021 to 5th April 2021, which you can access from your accounting records; and
  2. Your turnover figure as reported in your 2019/20 tax return.

If your turnover has reduced by 30% or more from 2. to 1. then the grant is 80% of 3 months average trading profits, and if the reduction is less than 30%, the grant is 30% of 3 months average trading profits.

If you have any queries on making a claim or require assistance in establishing your turnover numbers then please contact your usual TC adviser on 0330 088 7111.