Details of the much anticipated fifth grant under the Self-Employment Income Support Scheme were announced by HMRC yesterday, 6 July. If you intend to claim what do you need to know?
Slightly later than anticipated HMRC has released details of the fifth instalment of the SEISS. It hasn’t given a specific date when its online claims portal will open, but its guidance issued today says it will be available from late July 2021.
Nevertheless, there are steps you can take so that you’re ready to make a claim as soon as the online service is available.
If you haven’t done so already work out your turnover for the twelve-month period starting on any date between 1 April 2020 and 6 April 2020. Check your records and find your turnover from either 2019/20 or 2018/19. This will be needed as a reference year.
July 2021
If you started self-employment or became a business partner in 2019/20, and you hadn’t traded previously at any time between 6 April 2016 and 5 April 2019, you won’t need to follow steps 1 or 2 to make a claim.
HMRC’s guidance stresses the importance of making the claim yourself. It says that if your accountant or anyone else makes the claim on your behalf it will trigger a fraud alert. That’s obviously bad news and is bound to delay your claim being processed.
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