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NEWS: Update on fifth and final SEISS grant

This week the UK government published details of the fifth Self-Employment Income Support Scheme (SEISS) grant. This is available to those living in the UK who are self-employed or a member of a partnership and covers 1 May to 30 September 2021. 

Who is eligible?

To be eligible for the SEISS grant, you must meet the following criteria.

1. You must be a self-employed individual or a member of a partnership. You must also have traded in both tax years, 2019 to 2020 and 2020 to 2021

2. You must have:

  • submitted your 2019 to 2020 tax return on or before 2 March 2021
  • trading profits of no more than £50,000
  • trading profits at least equal to 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

How much will I get? 

The fifth SEISS grant will be paid in a single installment and is calculated differently to previous grants. This time the amount you will receive is calculated based on how much your turnover has been reduced in the year April 2020 to April 2021.

  • those with a turnover reduction of less than 30% are eligible for a grant of 30% of 3 months’ average trading profits, capped at £2,850

  • those with a turnover reduction of 30% or more are eligible for 80% of 3 months’ average trading profits, capped at £7,500

Guidance on how to work out your turnover has been published here

How do I claim? 

If you are eligible, HMRC will contact you in mid July 2021 to give you a date that you can make your claim from. You will be contacted by email, text message, letter or within the online service which is available from late July.

The deadline to make your claim is on or before 30 September 2021.

Find out more here