Eligible claimants will be able to apply for one final grant from the Self-Employment Income Support Scheme (SEISS) later this year. Those who wish to apply for the fifth grant should be aware that guidance for claiming the grant is expected to be rolled out at the end of June. The scheme opens again at the end of July for applications.
How much is the fifth SEISS grant worth?
The fifth SEISS grant is paid out in one lump sum and it is subject to tax.
Unlike the previous four SEISS grants, grant five will be determined based on the claimant’s turnover.
A claimant with a turnover reduction of 30 percent or more could get a grant worth 80 percent of three months’ average trading profits, capped at £7,500 in total.
A claimant with a turnover reduction of less than 30 percent could get a grant worth 30 percent of three months’ average trading profits, capped at £2,850.
Robert Hayton, UK president of Altus Group, said leisure and hospitality firms will need more support, with nightclubs in a particularly precarious situation.
He said: “The deviation from the roadmap means Covid support, particularly rates relief, should be revisited as the largest operators will essentially be returned to normal level of business rates in just over two weeks’ time with the cap on help.”
He added: “1,167 night clubs have been unable to open their doors since the onset of the pandemic and the right to appeal citing the pandemic is retrospectively being removed which is just wrong.”
This post originally appeared on Daily Express :: Finance Feed