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Just when you thought it was safe ...

Pre-announcement of SEISS 5 scope by HMRC

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A fifth grant covering May 2021 to September 2021 will be open to claims from late July 2021.  Guidance for claiming the grant will be available by the end of June 2021.

You must have traded in the tax years: 2019 to 2020 and submitted your tax return on or before 2 March 2021, plus 2020 to 2021.

You must either be currently trading but impacted by reduced demand due to coronavirus, or have been trading but temporarily unable to do so due to coronavirus.

You must declare that you intend to continue to trade, and that you reasonably believe there will be a significant reduction in your trading profits due to reduced business activity, capacity, demand or inability to trade due to coronavirus from May 2021 to September 2021.

You must keep evidence that shows how your business has been impacted by coronavirus resulting in less business activity than otherwise expected.

The amount of the fifth grant will be determined by how much your turnover has been reduced in the year April 2020 to April 2021:

     Turnover reduction     How much you’ll get                                    Maximum grant

     30% or more               80% of 3 months’ average trading profits     £7,500

     less than 30%              30% of 3 months’ average trading profits     £2,850

If you’re eligible based on your tax returns, HMRC will contact you in mid-July 2021 to give you a date that you can make your claim from.  The online claims service for the fifth grant will be available from late July 2021.

 

Those of you who so enjoyed arguing the finer (or indeed rougher) points of SEISS 4 can now turn to the next course on the menu ... or of course wait for the promised guidance (or even legislation) in the hope of greater insights - although I wouldn't offer good odds on that being achieved given the ongoing use of "reduced", "reasonably" and "significant" as key factors.

Replies (10)

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By ireallyshouldknowthisbut
03rd Jun 2021 18:15

It really is money down the toilet now.

I still have people claiming JRS and SEISS who quite frankly are only technically eligible and who are just having a bad time in their business for other reasons - including one who seem to be just taking a year off enjoying their 80% and doing odds and sods when they feel like it.

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Replying to ireallyshouldknowthisbut:
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By Mr_awol
04th Jun 2021 09:30

I know of employers who have 'furloughed' staff for periods of trainign and holiday, for no reason other than they are on holiday or doing training.

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By New To Accountancy
03rd Jun 2021 20:15

Very helpful, thank you

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blue sheep
By Nigel Henshaw
04th Jun 2021 06:23

Your OP suggests that the 20/21 return will have to be filed to qualify - I dont see that anywhere in the current HMRC info?

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Replying to NH:
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By Matrix
04th Jun 2021 08:37

He means you have traded in 2020-21.

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Replying to Matrix:
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By Hugo Fair
04th Jun 2021 14:42

Thanks - I omitted a pair of brackets that would have aided clarity ...

You must have traded in the tax years: 2019 to 2020 (and submitted your tax return on or before 2 March 2021), plus 2020 to 2021.

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Replying to NH:
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By Southwestbeancounter
04th Jun 2021 14:15

I read it like that first Nigel and panicked(!) but Matrix is right on a second reading.

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By SXGuy
04th Jun 2021 10:56

Not really a shock, Always thought a 5th SEISS would happen, seing as Furlough currently goes up to September.

What will be interesting is if either of these are extended yet again due to another new variant probably next called Timbuctoo.

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Replying to SXGuy:
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By Hugo Fair
04th Jun 2021 11:33

Not really part of this thread but ... the next variant won't be called Timbuctoo (although I like the allusion).
It's been announced (supposedly as part of protecting the feelings of individual countries) that the naming convention is being changed to use the Greek alphabet - not that the people making these decisions are pompous Classics scholars - so will become Alpha, Beta, Gamma, Delta and so on.
The more nervous of you should avoid the next part of the announcement, which set out their plans for "when we run out of those letters" - there are 24 of them!

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Replying to Hugo Fair:
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By SXGuy
04th Jun 2021 17:04

Yes of course! I heard an MP today say, formerly Indian now Delta variant.

I would worry less about what happens when they run out of letters and worry more about why they feel the need to label some and not all of the thousands discovered since last march. But that's just me.

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