Eligible taxpayers can now apply for the 5th and final Self-Employed Income Support Scheme SEISS grant.
The claim period covers May-September 2021 and all claims should be made by the deadline of 30 September ’21.
HMRC requires slightly different information to assess the award for the 5th grant. HMRC will compare turnover across two tax years although there is an exception where the business only started trading in 2019/20.
If turnover has fallen by more than 30%, applicants can claim up to 80% of 3 months’ average trading profits, capped at £7,500.
If turnover has fallen by less than 30%, the available grant is based on 30% of 3 months’ average trading profits, capped at £2,850.
Trading profits should be no more than £50,000 p.a. and successful applicants should have submitted their 2019/20 Self-Assessment tax returns no later than 2 March 2021.
Applicants should meet all the eligibility criteria and will need the following information when making the claim:
- Self-Assessment Unique Taxpayer Reference (UTR)
- National Insurance number
- Government Gateway user ID and password
- UK bank details including account number, sort code, name on the account and address linked to the account
Only taxpayers, not agents can claim the SEISS grant and this can be done on the GOV website
And remember, any grant awards are taxable and subject to NIC. You will need to inform whoever prepares your tax return that you have received SEISS money as HMRC will not pass on this information.
Paying back a grant
HMRC is tackling furlough and SEISS fraud where individuals or businesses have claimed too much. Significant investment has been made in software and staff to double check claims and follow up those considered fraudulent. Please ensure you meet the relevant eligibility criteria before making your claim or you could be liable to penalties on the amount overclaimed.
If you think you have made a mistake with an earlier grant claim or would like to make a voluntary repayment, you can make a repayment via the GOV website.
How Curo can help you
Our experienced tax team can help you understand the rules and ensure you meet all tax obligations. This is a fast-changing area and our tax specialists can put your mind at ease by ensuring your tax position is not only compliant, but optimised. Please contact Julia Gallagher on 01527 558539 or email [email protected] to discuss your position in more detail.