If you are eligible to claim for the latest Self Employment Income Support Scheme grant, you need to complete this by the 30th of September. If you need support completing the SEISS grant claim, please do contact us as soon as possible.
If you haven’t submitted you employees August furlough claims, there is no time to waste, deadline is the 14th of September. The scheme is due to close on the 30th of September.
The fifth Self-Employment Income Support Scheme (SEISS) grant is different from the previous SEISS grants. If you think you may claim the fifth grant, this will tell you what you need to do now, to get ready to make your claim from late July 2021.
If HMRC think you’re eligible, they will contact you from mid-July to give you a personal claim date. Eligible customers can apply anytime from their personal claim date until 30 September 2021. The online claims service will open from late July.
What you should prepare now
The amount of the fifth grant will be determined by how much your turnover has been reduced in the year 2020-21 compared to before the pandemic.
Turnover includes the takings, fees, sales or money earned or received by your business.
If you choose to make a claim, you will need your turnover figures for:
a pre-covid year, that represents normal trading. This should be 2019-20 or 2018-19
The UK Government has today announced that the Self-Employment Income Support Scheme (SEISS) will continue until September with a fourth and fifth grant.
The fourth and fifth grants will take into account 2019 to 2020 tax returns and will also be open to you if you became self-employed in the 2019 to 2020 tax year. This means that you may be able to claim, even if you were not eligible for previous grants.
HMRC has announced they will not be charging the regular initial 5% late payment penalty if you make payment by 1st April 2021, however its not all good news; The regular payment deadline of the 31st of January hasn’t actually changed, and you will be charged interest after this date.
If you are having problems paying your self-assessmenttax, and need more time to pay, you qualify for a “Time to Pay” arrangement with HMRC, you can even set this up onlinehere. You can also call HMRC directly on 0300 200 3822 for more information.
So what is a Time to Pay arrangement? In a nutshell it allows you to spread your payments to HMRC in regular monthly instalments, up until January 2022.
If you still have not filed your Self-assessment tax return for 2019-2020, you need to do this before the 28th February to avoid penalties.
The deadline for claiming the third SEISS grant is fast approaching. If you are eligible, you must make your claim on or before 29 January 2021.
As with the first and second SEISS grants, the third grant will be subject to Income Tax and self-employed National Insurance and must also be reported on your 2020-21 Self Assessmenttax returns (to be submitted by 31 January 2022).
Confirming a significant reduction in trading profits
Before you make a claim for the third grant, you must decide if the impact on your business will cause a significant reduction in your trading profits for the tax year you report them in.
HMRC cannot make this decision on your behalf because your individual and wider business circumstances will need to be considered when deciding whether the reduction is significant.
You do not have to consider any other coronavirus scheme support payments you have already received when deciding whether you reasonably believe that you will suffer a significant reduction in trading profits due to reduced activity, capacity, demand or inability to trade due to coronavirus during 1 November 2020 to 29 January 2021 (period covered by the third grant).
Self Assessment Tax Return Online and Limited Company Accounting Services
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