Fifth Self Employed Corona Virus Grant now available to access
What do you need to claim the fifth self-employed grant?
The Government website opened the online service to apply for SEISS grant five on July 28. People who are eligible for the fifth grant based on their tax returns should have been contacted in mid-July with a personal claim date to apply from. The guidance outlines that people should make their claim on or after their allocated personal claim date.
The claimant must claim the SEISS grant for themselves, and the grant may not be approved if someone else claims on their behalf. To get the grant, the claimant will need to provide two turnover figures.
Further information was released earlier this year on the SEISS webpage about how to calculate turnover. But essentially, SEISS claimants will need to work out their turnover for April 2020 to April 2021.
Claimants must also find their turnover from either 2019 to 2020, or 2018 to 2019. In most cases, claimants must use their 2019 to 2020 tax return as a reference year. But if 2019 to 2020 was not a normal year for the claimant’s business, they can use their 2018 to 2019 turnover instead.
The Government website explains: “If 2019 to 2020 was not a normal year for your business, you can use the turnover reported in your 2018 to 2019 tax return.
“Your records should show how 2019 to 2020 was not a normal year for you.”
How does turnover affect the fifth grant?
Turnover is integral to the fifth grant, as it will impact how much someone receives from the scheme. Someone whose turnover has decreased by 30 percent or more will be eligible for a grant worth 80 percent of three months’ average trading profits, capped at £7,500.
But a claimant whose turnover has decreased by less than 30 percent will only be eligible for a grant worth 30 percent of three month’s average trading profits, capped at £2,850.
How can you claim the fifth grant?
The online service to apply for SEISS grant five is now live on the Government website. Before applying for the grant, claimants should check they meet the eligibility criteria.
To claim the fifth grant, the following details may also be required:
- 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
Claimants are asked to only provide bank account details where a Bacs payment can be accepted.
When making a claim, the applicant may also need to answer questions about their passport, driving licence or information held on their credit file.