SEISS FIFTH GRANT

SEISS FIFTH GRANT

The fifth grant will be open for claims from late July covering the period from May 2021 to September 2021 and the amount of the grant is determined by how much your turnover has reduced in the tax year to April 2021.

It will remain at the same level as the fourth grant if your turnover has reduced by 30% or more, but if turnover has been affected by 30% or less, it will be calculated at 30% of three months’ average trading profits, capped at £2,850.

SHOULD YOU CLAIM?

Per HMRC you must declare that:

  1. You intend to continue to trade
  2. You reasonably believe there will be a significant reduction in your trading profits due to reduced business activity, capacity, demand or inability to trade due to coronavirus from May 2021 to September 2021

You must keep evidence that shows how your business has been impacted by coronavirus resulting in less business activity than otherwise expected.

HMRC expects you to make an honest assessment about whether you reasonably believe your business will have a significant reduction in profits.