SEISS has helped millions of self-employed workers over the last year or so and from late July, freelancers will be able to make a claim for a fifth grant if they’re still impacted by coronavirus. Ahead of this, HMRC has updated its rules on turnover reporting.
To be eligible for a fifth SEISS grant, a claimant must meet all criteria stages which are split into three sections.
Stage one: Your trading status and when you must have traded
Claimants must be a self-employed individual or a member of a partnership.
They must also have traded in 2019 to 2021 tax years.
It will not be possible to claim a grant if the claimants traded through a limited company or trust.
Stage two: Tax returns and trading profits
Claimants must have submitted their 2019 to 2020 tax return on or before March 2, 2021, have trading profits of no more than £50,000 and their trading profits must be at least equal to their non-trading income.
Non-trading income is defined as any money made outside of the business, for example, if the claimant also has a part-time job or pension.
If a claimant is not eligible based on…
