The Self-Employed Income Support Program (SEISS) has helped millions of self-employed workers across the UK get through the coronavirus pandemic.
Earlier this year, Chancellor Rishi Sunak confirmed that support will continue throughout the summer and HM Revenue and Customs (HMRC) has now updated its guidelines online offering more information on the fifth and final payment for self-employed workers across the UK.
In a statement posted on the GOV.UK website, HMRC said: âIf you are eligible based on your tax returns, HMRC will contact you from mid-July to give you a date from which the complaint service will be available. It will be delivered to you either by e-mail, by post or via the online service.
The guidelines added that the online service to apply for the fifth grant will be available from the end of July 2021 and that applications must be made by September 30, 2021. The final grant covers the exchange period from May 2021 to September 2021. .
Before applying for SEISS 5, you will need to ensure that you meet all the eligibility criteria. Here is a quick guide to the key points issued by HMRC.
How much is the fifth SEISS scholarship worth?
The fifth grant is different.
In most cases you will need to provide two turnover figures when making your claim, HMRC will use them to determine how much you will get.
You don’t need turnovers if you started trading between 2019 and 2020 and haven’t done any transactions in the following fiscal years:
- 2018 to 2019
- 2017 to 2018
- 2016 to 2017
You can find out how to calculate your turnover on the GOV.UK website here.
What do I need before making a claim for SEISS 5?
You will need:
- Unique taxpayer reference (UTR) for self-assessment
- national insurance number
- Government Gateway User ID and Password
- UK bank details including account number, sort code, account name and account linked address
- Provide only the bank details where a Bacs payment can be accepted. You may also need to answer questions about your passport, driver’s license, or the information on your credit report.
How can I claim SEISS 5?
The online service of the fifth stock exchange will be available from the end of July 2021.
HMRC guidelines state that you must apply yourself.
He said: “Do not ask a tax agent or tax advisor to make a claim on your behalf as this will trigger a fraud alert, delaying your payment.”
HMRC will verify claims and take appropriate action to withhold or recover payments for claims deemed dishonest or inaccurate.
HMRC said: “If you know you are not eligible for the grant and don’t tell us, you may also have to pay a penalty.”
If a change to your tax return on or after March 3, 2021 reduces the amount of the grant you are entitled to, you will need to notify HMRC within 90 days – you may need to repay some or all of the grant.
Did you know that there are a number of ways to stay up to date with the latest news regarding Daily Record savings and benefits?
You can join the conversation on our Money Saving Scotland Facebook group for money saving tips, benefit news, consumer help and advice, and the latest shopping deals.
Sign up for our weekly Record Money newsletter to get our best stories delivered straight to your inbox. You can register either by entering your email address in the registration box above on this page, or by clicking here.
When will I receive the fifth SEISS scholarship?
HMRC will pay your grant into your bank account within six working days , they will also send an email when your payment is in progress.
HMRC advises anyone claiming SEISS 5 not to contact them unless it has been more than 10 working days since you made your complaint and you have not received your payment within this time frame.
HMRC has also stated that if your business recovers after your claim, your eligibility will not be affected as this is based on your reasonable belief that your business profits would have been significantly reduced by the time you made your claim – you must keep the evidence. to support this.
If you applied in error because you were not eligible for a grant or wish to make a voluntary refund, notify HMRC and reimburse part or all of the grant.
If you realize that you made a mistake when calculating your April 2020 to April 2021 turnover, you will need to contact HMRC – they will advise you on how to proceed by the end of July 2021.
Find out more information about the SEISS 5 application on the GOV.UK website here.
Get the latest news on savings and benefits straight to your inbox. Sign up for our weekly Money newsletterhere.