Self-Employment Income Support Scheme – Fifth Grant

1 year, 5 months ago by Oliver Atkinson

In Late July 2021 the online service to claim the fifth grant will be available to those who are self-employed or a member of a partnership and have been impacted by coronavirus. Before making the claim, you must check that you are eligible by meeting the criteria, which is laid out in 3 stages.

Stage 1

To make the claim you must either be self-employed or a member of a partnership and have traded in the following tax years:

• 2019 – 2020
• 2020 – 2021

If you only traded through a limited company or trust, then you will not be able to claim the grant.

Stage 2

The second stage looks at your tax returns and trading profits. To be eligible up to Stage 2, you must have:

• Filed your 2019-2020 tax return on or before March 2nd 2021
• Trading profits lower than £50,000
• Trading profits at least equal to your non-trading income

If based on your 2019-2020 trading profits you are not eligible, then HMRC will look back at previous years. If based on your tax return you are eligible, then HMRC should have been in contact with you around mid-July.

Stage 3

To ensure that you can make the claim, you must intend to keep trading in 2021-2022. If you are sure that there will be a significant reduction in your trading profits due to the impact of Coronavirus between 1st May 2021 and 30th September 2021 then you can also claim.

There are some different circumstances that can influence your eligibility. Please see how different circumstances can affect your eligibility here.

Making the claim

To make the claim you will need to have 2 turnover figures for the years:

• April 2020 – April 2021
• Either April 2019 April 2020 or April 2018 – April 2019

These figures will be compared to how much you will receive.

If you only started trading in 2019-2020 and did not trade from April 2016 – April 2019 then you will not be asked for any turnover figures.

Grant amount

Depending on how your turnover is down by in the compared years depends on how much you will receive

If you didn’t need to send in turnover figures then you will get 3 months’ average trading profit up to a maximum grant amount of £7,500.

The deadline date for applying for the grant is September 30th 2021, therefore if you wish to make a claim, please send in your tax return information for the tax year 2020-2021.

Please click here for more information on the Self-Employment Income Support Scheme.