5th SEISS Grant latest news

The claims service for the 5th SEISS grant will open from late July.

Within the next few days, HMRC will be contacting everyone who may be eligible for the fifth grant, to tell them their personal claim date. You can claim from this date up until the claims service closes on 30‌‌ ‌September‌‌ ‌2021.

Remember that the period you need to consider for the claim is the effect on your business from 1 May 2021 to 30 September 2021 so you need to consider when you know the true effect for the 5 months given that restrictions have now eased

The majority of those claiming the 5th SEISS grant will need to provide turnover figures in order to make a claim. The turnover figures will be used to compare the ‘pandemic year’ with a ‘reference period’. Detailed instructions on how to prepare turnover for the 12-month period starting on any date from 1 to 6 April 2020 (the ‘pandemic year’), and where to find turnover for 2019/20 or 2018/19 (the ‘reference period’), can be found on HMRC here.

If you haven’t prepared your 2020/21 tax return then you will have to calculate your turnover from your records and this will then be reviewed by HMRC  when your  tax return is submitted

If you have a 2020/21 tax return then the turnover for a self employed person will be found on page SES 1 in box 9

See our  earlier blog for more details on the 5th SEISS grant

, , , , ,

Related Posts

Making Tax Digital for VAT is now in operation

Making Tax Digital for VAT is now in operation

Making Tax Digital for VAT is now in operation VAT-registered businesses with taxable turnover above the VAT registration threshold which is currently £85,000 will need to keep digital records and send digital VAT returns from April 2019. If your business…
READ MORE
Menu