Should You Apply For The Fifth SEISS Grant?

Should You Apply For The Fifth SEISS Grant?

You may have already received an email from HMRC about the fifth SEISS grant that will be available to apply for later this month. You may feel that business is on the up, but could this extra bit of money could really help the business? Maybe business is down, but not as badly as it was? So, should you apply for the fifth SEISS grant?

The criteria to be eligible for this grant is pretty much the same as the fourth grant. Your self-employed profits, for 2019 / 2020 need to be lower than £50,000 and they cannot exceed 50% of your total income. Alternatively, the same £50,000 and 50% tests can be applied against your average profits and total income over the four fiscal years up until 2019 / 2020.

You don’t need to have applied for the previous four grants to be able to apply for the fifth SEISS grant. However, you will be required to confirm that your business has continued to be negatively adversely affected by Covid-19.

The amount that you can claim with the grant, depends on how much your turnover has been affected by. If business has been affected and reduced your sales by more than 30% then the grant will be 80% of the average profits of the business. However, this is capped at £7,500.

If your business has been affected negatively by less than 30% then the grant will cover 30% of your average profits. This will be capped at £2,850.

If you are not sure if you should apply for the fifth SEISS grant, then why not call our team of local accountants. Applying for this grant should only be done if you have noticed that business has been significantly down on previous months or years.

It is important to note that acceptance of this grant could make applying for a mortgage or other funding harder in the future and do not overlook that the SEISS grants that you have applied for will also be included in your next accounts and will be part of your taxable income. HMRC may seek a repayment of all or part of the SEISS grants if they assess that you did not meet eligibility at the time you claim each tranche of funding, and may therefore need to be repaid at a later date.

Here at AK Bookkeeping we are here to help you. If you are self-employed and not sure if you should apply for the fifth and final grant, let’s have a chat. We can talk through the pros and cons of applying for the grant and look at other finance options too.

For more information contact our friendly accountants now; we are here to help.

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Testimonials for AK book-keeping

Electronics online retailer

Our decision to choose the services AK Book-keeping and Payroll Services has turned out to be a really important enabler to the growth of our business and has delivered us fantastic value for money. Their accuracy and efficiency in compiling our accounts and payroll documents has allowed us to focus on the things which we do well and add real value whilst removing the distraction of unwanted and complex administration work. I would recommend them without hesitation.

Chris

AK Book-keeping
5
2015-10-23T16:25:46+01:00

Chris

Our decision to choose the services AK Book-keeping and Payroll Services has turned out to be a really important enabler to the growth of our business and has delivered us fantastic value for money. Their accuracy and efficiency in compiling our accounts and payroll documents has allowed us to focus on the things which we do well and add real value whilst removing the distraction of unwanted and complex administration work. I would recommend them without hesitation.

Carpet & Lighting retailer

Now that we have AK Book-keeping doing all our tax returns, wages but to name a few, we have more time to focus on the business and a lot more leisure time

Simon & Cathy

AK Book-keeping
2015-10-23T16:26:07+01:00

Simon & Cathy

Now that we have AK Book-keeping doing all our tax returns, wages but to name a few, we have more time to focus on the business and a lot more leisure time

Multiple Franchise Owner

I Periodically review my resources (like any business should) and on each and every occasion I have decided to retain AK Bookkeeping’s services. It’s one of those business I know I can depend on.

Bob

AK Book-keeping
2015-10-23T16:44:40+01:00

Bob

I Periodically review my resources (like any business should) and on each and every occasion I have decided to retain AK Bookkeeping’s services. It’s one of those business I know I can depend on.

John – Building Company owner

We engaged AK Book-keeping some two and a half years ago, from the outset their communication has been excellent. We were provided with a schedule of monthly costs and a clear indication of what was included. To date we have had no reason to consider changing from AK Book-keeping as their service has been reliable, efficient and cost effective.

AK Book-keeping introduced us to Xero accounting system from the outset and for a reasonable monthly fee we benefit from all the Xero facilities available and have access to view our account, use data and monitor our performance and it is all relatively simple. We would recommend AK Book-keeping and the Xero system.

John

AK Book-keeping
2016-02-05T16:33:23+00:00

John

We engaged AK Book-keeping some two and a half years ago, from the outset their communication has been excellent. We were provided with a schedule of monthly costs and a clear indication of what was included. To date we have had no reason to consider changing from AK Book-keeping as their service has been reliable, efficient and cost effective. AK Book-keeping introduced us to Xero accounting system from the outset and for a reasonable monthly fee we benefit from all the Xero facilities available and have access to view our account, use data and monitor our performance and it is all relatively simple. We would recommend AK Book-keeping and the Xero system.

Online Retailer

Les has worked with us for 12 years now and supported our Bookkeeping and Payroll needs. Always helpful, cheerful and gets the job done efficiently. When required has helped us with other business related issues outside of Bookkeeping.

Online retailer

AK Book-keeping
5
2018-07-02T22:05:34+01:00

Online retailer

Les has worked with us for 12 years now and supported our Bookkeeping and Payroll needs. Always helpful, cheerful and gets the job done efficiently. When required has helped us with other business related issues outside of Bookkeeping.

Peterborough online retailer

Les has worked with us for 12 years now and supported our bookkeeping and payroll needs. Always helpful and cheerful and gets the job done efficiently. When required has helped us with other business related issues outside of bookkeeping.
AK Book-keeping
5
2018-09-19T18:24:06+01:00
Les has worked with us for 12 years now and supported our bookkeeping and payroll needs. Always helpful and cheerful and gets the job done efficiently. When required has helped us with other business related issues outside of bookkeeping.
5
3
AK Book-keeping