Fifth Covid-19 Grant & Updates

Please read the eligibility criteria section below even if you did not qualify for the previous SEISS grants as the newest grant is much more accessible than the first four grants and can now be claimed by new businesses.

The government have recently published some guidance on how to claim the fifth Covid-19 SEISS grant.  Current guidance is that HMRC will contact you sometime between now and the end of July if they believe you are eligible based on your tax returns.  The online service for the fifth grant will then be made available in the later part of this month.  All claims must be completed by 30 September 2021.  You can review our previous guidance on how to apply for these grants on our website.

 

Eligibility for Fifth Covid-19 Grant

This grant CAN be claimed even if you did not qualify for any of the previous grants as long as you meet the other criteria.

You must be a self employed sole trader or a member of a partnership.  Limited company directors are not eligible.

You are eligible claim this grant if you started a new business in 2019-20, even though this meant you wouldn’t have received the first grants.

  1. You must have traded as a sole trader/self-employed individual or partner in 2019-20 and 2020-21
  2. You must have submitted your 2019-20 tax return before 2 March 2021 reporting trading profits of less than £50,000.  These must not be greater than your non-trading income.
  3. You must intend to keep trading in 2021 to 2022 and reasonably believe there will be a significant reduction in your trading profits due to the impact of Covid-19 between 1 May 2021 and 30 September 2021.

https://www.gov.uk/guidance/claim-a-grant-through-the-coronavirus-covid-19-self-employment-income-support-scheme

 

Amount for Fifth Covid-19 Grant

The fifth grant has been set at 80% of three months’ average trading profits capped at £7,500 for those whose turnover has reduced by 30% or more.
Those with a turnover reduction of less than 30% will receive a grant based on 30% of three months’ average trading profits, capped at £2,850.

In order to work out whether your turnover has fallen by at least 30%, you must compare your turnover for the Tax Year ended 05/04/2021 to Tax Year 05/04/2020.  When you make this comparison you should exclude all grants; not simply SEISS grants but also Eat Out to Help Out payments, Rates grants and any other local authority or devolved administration grants.

There are a number of

https://www.gov.uk/guidance/work-out-your-turnover-so-you-can-claim-the-fifth-seiss-grant

 

Other Updates: Retail Hospitality & Tourism Scheme

If you have already been automatically receiving grants from the Department of Finance you shouldn’t need to worry about the below.  Just a final note that the final closing date for applications is 28 July 2021 for the following groups who fall within the Leisure sector: