SEISS 5th grant was announced at Budget 2021 and HMRC has announced the details. Taxpayers will be contacted by HMRC from July 2021 to confirm their earliest claim date covering May to September. It must be claimed before 30 September.

The 5th grant has similar qualifying conditions to the fourth SEISS grant. In addition to this Taxpayer must be currently in business/trading and intend to continue to trade. Other measurement, it will be a significant reduction in their trading profits due to Coronavirus from May 2021 to September 2021.

The amount of the grant is calculated based on how much turnover has decreased in the tax year 2020-21 compared to 2019-20 or 2018-19. If turnover decreased by 30% or more than individual will receive full grant of 80% of 3 months average trading profits, up to £7,500. If turnover decreased by less than 30% than grant will be reduced to maximum £2,850.

This document provides general information on the subject and does not constitute a legal opinion or recommendation. Consulting a specialist is recommended before taking an action. No claim arising from the content of or relating to this document can be asserted against NAZALI.