SEISS grant five: Who will be eligible for 5th grant? Expert explains rules | Personal Finance | Finance
The Self-Employment Income Support Scheme (SEISS) was prolonged to cowl nearly all of 2021. Three grants have opened and closed for functions through the coronavirus pandemic and fourth grant functions are at the moment open. The deadline to use for the fourth grant is June 1 and after the deadline passes, a fifth grant is anticipated in the end.
Who will be eligible for SEISS grant 5?
The full eligibility standards for the fifth SEISS grant has not been introduced but by the Government.
However, Lucy Cohen, co-founder of Mazuma, defined to Express.co.uk that a number of individuals who weren’t eligible for the primary few grants are actually anticipated to be eligible for the fifth grant.
Ms Cohen stated: “Thankfully, 600,000 more people will be eligible to apply for SEISS five.
READ MORE: Virgin Money offers 2% interest rate account & ‘free’ gift worth £140
How much will the fifth grant be worth?
Amanda Lennon, employment partner at Spencer West, told Express.co.uk: “The fifth SEISS grant will cover the period from May to September and I expect the full guidelines to be published by the Government imminently.”
Ms Lennon added: “ If you have seen your turnover/sales reduce by 30 percent or more the grant will be for 80 percent of your average monthly trading profits, capped at £7,500.
“If your losses are less than 30 percent, the grant will be worth 30 percent of three months’ average trading profits, capped at £2,850.”
The fifth SEISS grant will be value three months’ value of common month-to-month buying and selling income, however the grant interval for SEISS grant 5 is longer than earlier grants have coated.
Andy Vessey, Head of Tax at Kingsbridge Contractor Insurance, defined to Express.co.uk: “[The fifth grant] can be claimed from late July 2021 and is intended to cover May to September 2021.
“However, the grant will only be calculated based on 80 percent of three months’ average profits, leading to some criticism that the fifth grant is missing two months.”
Rishi Sunak’s IR35 plan to do ‘drastic harm’ to self-employed [ANALYSIS]
SEISS: When does the self-employed grant scheme finish? [INSIGHT]
SEISS warning: tax-themed scams rise 500% – what to look out for [REPORT]
“Both the 2021 and 2022 tax returns will include boxes for SEISS grants to allow them to be reported separately and cross checked by HMRC.
“The Government has invested over £100million in establishing a Covid taskforce of 1,265 HMRC staff to tackle the estimated £3.5billion fraudulent claims of Covid support packages, the Revenue will be looking at SEISS claims very closely.
“It is therefore imperative that individuals keep evidence to support their claim in the event that they are challenged by HMRC.”