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Fifth self employment grant coming soon

Fifth self employment grant coming soon

A fifth and final self-employed grant will be available “late July”

Worth up to £7,500, and covering 1 May to 30 September, will be open to claims from “late July” with more details announced at the end of this month.

If you’re eligible based on your tax returns, HMRC will contact you in “mid-July” to give you the earliest date from when you can make your claim.

The value of the fifth grant will be determined by two things: a turnover test comparing the year April 2020 to April 2021 with the pre-pandemic period, and your average monthly profits:

– If your turnover’s fallen by 30% or more… you’ll be able to claim the full grant worth 80% of three months’ average trading profits, capped at £7,500.
– If your turnover’s fallen by less than 30%… you’ll be able to claim a grant worth 30% of three months’ average trading profits, capped at £2,850.

More info can be found on the Money Saving Expert website here 👉 https://www.gov.uk/government/publications/self-employment-income-support-scheme-fifth-grant/self-employment-income-support-scheme-fifth-grant

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