If you have been financially impacted by the coronavirus pandemic, and you’re self-employed, or a member of a partnership, you may be eligible to make use of the Self-Employment Income Support Scheme (SEISS).
What is SEISS?
The SEISS has been running since early in the pandemic, when the UK government implemented it during the first lockdown in March 2020. It was designed to support those who had experienced a loss of earnings – for example those whose businesses were unable to open due to coronavirus restrictions.
Am I eligible for the SEISS grant?
HMRC are contacting those who are eligible for the grant in waves to ensure applications run smoothly – it’s likely that you will have received contact from them if you’re able to apply. However, it’s important not to assume that you will receive the payment simply because HMRC have suggested you submit an application – you will need to confirm your eligibility when you make a claim.
You may be eligible for the fifth in the series of SEISS grants if you’ve previously received support – however, this grant is different to previous grants both in its eligibility requirements and what it is designed to cover you for.
If your profits have been impacted specifically between 1 May-30 September 2021 due to the coronavirus pandemic, you could be eligible – but be sure to review any exceptions or circumstances which could exclude you.
You also need to:
- Have submitted a tax return for 2019-2020 before 2 March 2021
- Have trading profits of no more than £50,000
- Have trading profits at least equal to non-trading income (for example, from any part time employment you undertake).
How is this grant different to previous self-employment grants?
The fifth SEISS grant is specifically designed for those with lost turnover in May-September 2021, and will require you to submit your turnover figures for 2019-2020 or 2018-2019 in order for HMRC to make a comparison between this and your latest turnover figures.
There are two levels of support on offer, calculated on how much turnover you have lost in comparison to previous years.
How do I claim the SEISS grant?
You’ll need a number of key pieces of data to apply for and claim the fifth grant – including your turnover figures, Unique Tax Payer Reference, National Insurance Number, Government Gateway Login and Bank details. You could also need to provide identity information, and information on your credit file.
While it is possible to apply through the Gov.uk website, this grant is perhaps the most complex yet – and you could be investigated for fraud if you make an error in the process. If you’re not confident in getting it right, it’s incredibly important that you seek the right support.
TBL are well-versed in the complexities of HMRC’s coronavirus support schemes, and can guide you through the process with ease, ensuring you get every penny you’re eligible for without anxiety or confusion.
Get in touch for help applying, or for guidance on any of the government’s coronavirus support package.
