The pandemic has proved to be a tough time for the UK’s freelancers. But there is help at hand still in the form of the Self-Employment Income Support Scheme (SEISS).
The fifth tranche of the SEISS is now available to freelancers, contractors and people running self-employed businesses. If you meet the eligibility criteria, you may be able to claim a grant payment up to the maximum cap of £7,500.
This could be an extremely helpful cash injection for any self-employed workers who have been negatively impacted by the Covid crisis.
How do you know if you’re eligible for SEISS?
The criteria for making a SEISS claim are similar (but not exactly the same) as for the preceding four tranches of the scheme. So it’s important to read the small print and make sure you definitely ARE eligible before you submit a claim.
To be eligible to claim the fifth SEISS grant, you must:
In addition, to be eligible for the fifth tranche, you must reasonably believe there will be a significant reduction in your trading profits due to the impact of COVID-19 between 1 May 2021 and 30 September 2021. Trading profit excludes SEISS and other Covid-19 support grants.
What evidence do you need to submit?
There are a few other conditions which it’s important to note, particularly around the impact that the Covid pandemic has had on your business and profits.
NOTE: If you need help working out your turnover, HMRC has included a handy step-by-step walk-through of the process in this guidance.
Talk to us about getting your SEISS information together
If you meet all of the SEISS requirements, it’s a no-brainer to make a claim. Over what’s been a very difficult period, this free cash injection will be a real boost for your cashflow position.
Talk to us if you need help calculating the turnover figures to include in your claim, or deciding whether or not there will be a significant reduction in trading profits for the May-September 2021 period. As with the previous SEISS grants, we’re not allowed to submit the claim on your behalf – you must complete the application and make the claim yourself, as per the SEISS rules.
Get in touch if you need help with your calculations.