HMRC will be contacting the self-employed from mid-July, inviting them to apply for the final tranche of the SEISS grant. Applications can be made from the end of the month, but your invite will give you the date from which you can apply. There are a few differences between this grant and the previous ones.
The claim must be made before the end of September 2021.
You can only claim if you think your business will be affected by COVID19 between 1 May and 30 September 2021.
You must:
1. have been trading during 2019/20 and 2020/21
2. have submitted your 2020 Return before 2 March 2021
3. have trading profits of £50,000 or less, and
4. trading profits at least equal to your non-trading income (e.g. from rental property or a job)
5. be intending to keep trading during 2021/22, and
6. be reasonably sure your profits will be reduced in the period May to September, due to COVID19.
There are two levels of grant, depending on how badly your profits have been impacted.
The maximum grant is 80% of average profits (max £7,500) for those whose turnover has been reduced by more than 30%. The lower grant is for those whose turnover has dropped by up to 30%. The grant is 30% of average profits subject to a maximum of £2,850.
You have to give HMRC two profit figures when you apply. We can help you with the calculations if necessary, but you must give them:
1. The profits for a 12 month period starting between 1 April and 6 April 2020, and
2. Your profits as shown on your 2020 tax return (or the 2019 return if 2020 was unusual.
You'll get the maximum grant if you started to trade in 2019/20, didn't trade in 2016/17, 2017/18 nor 2018/19, subject to meeting all other conditions.
Do get in touch if you'd like to know more. We will have the most up to date information after 20 July, so we'll email again after that date with an update.
Good hunting.
Steve Carey
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Numbers UK Ltd
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