The Self-Employment Income Support Scheme (SEISS) will offer a fifth and final taxable grant to eligible claimants from later this month. But before you apply, here are some of the things to be aware of about the fifth grant.
The fifth grant amount will differ
The fifth SEISS grant will either be worth 30 or 80 percent of three months’ worth of a claimant’s average trading profits.
Ashish Gupta, Senior Lecturer in HRM at The University of Law Business School, told Express.co.uk: “Self employed people should be aware that if their business turnover is reduced by 30 percent or more, they’ll receive 80 percent of three months’ average trading profits, capped at £7,500.
“In cases, where the applicant’s business turnover has reduced by less than 30 percent, the amount the applicant will get is only 30 percent of three months’ average trading profit, capped at £2,850.
“It is recommended that self-employed people looking to apply for the fifth grant should start putting their figures together and keep themselves ready to apply when the window opens.”
Mr Stopp added: “Due to the Government’s delay to the publication of the guidelines for the fifth and final SEISS grant, it’s not yet completely clear if the application process will be the same as it was for previous grants.”
Further details on SEISS grant five are expected to be announced in early July.
Then in late July, the applications are expected to open via the Government website.
Presently, it isn’t known how long applications will be open for SEISS grant five.