personal finance

SEISS: Everything you need to know so far about grant 5 – eligibility, claims, amount

The Self-Employment Income Support Scheme (SEISS) has provided important support throughout the pandemic, and will continue beyond national lockdown restrictions. The fourth grant is now available to claim, but many people are looking forward towards the next upcoming grant which will provide further aid.  Ahead of the opening of the final grant, spoke to Anthony Morrow, co-founder of OpenMoney.

“Those with a turnover reduction of less than 30 percent will still receive a grant based on 30 percent of three months’ average trading profits.

“However, this will instead be capped at £2,850.

“We’re still awaiting further clarity on how the rules regarding the turnover thresholds will work, but it’s thought that the comparison is likely to be made between the tax year 2020/21 and 2019/20.”

The change in terms of turnover is perhaps the most major throughout the self-employed grant’s year-long run.

As a result, people hoping to benefit from the next SEISS grant may wish to consider looking once again at their financial situation to roughly estimate how much they can expect to receive.

It is also not clear yet on how Britons will be able to make a claim for the fifth SEISS grant, with the Government stating details will be provided “in due course”.

Individuals may get somewhat of an idea through the fourth grant which can be claimed online through the Government’s official website.

With this grant, it must be said, individuals are required to make the claim themselves, as if they do not, it will trigger a fraud alert – delaying payment. 

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But will there be any further support offered through the SEISS scheme?

As of yet, it is uncertain, although the Chancellor did state in the Budget that the fifth grant would be the final offering. 

Mr Morrow concluded: “It’s believed that the fifth grant will be the final one of its kind. Although we know it can be claimed from July, no official date has been set out yet.”

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