SEISS 5th grant is different to its predecessors. Here’s how:
The fifth Self Employed Income Support Scheme (SEISS) Grant will be available from the end of July, with the criteria for applications the same as the fourth grant. However, the level of grant awarded this time depends on whether your turnover has fallen by more or less than 30%.
For a turnover that has dropped by 30% or more, the grant is calculated at 80% of the three months’ trading profits, capped at £7,500. And for a turnover that has fallen by less than 30%, the grant will be based on 30% of three months’ trading profits, capped at £2,850.
HMRC expects that your business will be impacted by COVID-19 between May and September 2021 in order to claim the fifth SEISS grant. Claims must be made before 30 September 2021.
Confused already? HMRC has produced this guide to working out your turnover and the other eligibility criteria that must be met.