Owner-Managed Businesses

Self-employment income support scheme (SEISS)

Produced by Tolley
  • 21 Mar 2022 07:31

The following Owner-Managed Businesses guidance note Produced by Tolley provides comprehensive and up to date tax information covering:

  • Self-employment income support scheme (SEISS)
  • Reporting SEISS under self assessment
  • Who is eligible?
  • Eligibility for the fifth and fourth grants
  • Calculation of eligibility for fifth and fourth grants
  • Eligibility for first three grants
  • Calculation of trading profits and non-trading income
  • Trading profits
  • Non-trading income
  • Amount of the grant
  • More...

Self-employment income support scheme (SEISS)

During the coronavirus (COVID-19) pandemic, self-employed individuals and members of partnerships were able to claim taxable grants known as SEISS. There have been five grants in total with the fifth SEISS closing on 30 September 2021. The fourth and fifth grants take into account 2019/20 tax returns, so those who became self-employed in 2019/20, who were excluded from the previous grants as they were based on average trading profits for 2016/17, 2017/18 and 2018/19, were eligible to claim these grants. The level of the fifth SEISS grant was determined by a turnover test, see more details below under ‘Amount of the grant’.

In summary, the grants were as follows:

  1. first grant for an initial period of three months, subject to a maximum amount of £7,500 in total, closed on 13 July 2020

  2. second grant, which could be claimed from 17 August 2020, for a maximum of £6,570, and which closed on 19 October 2020

  3. third grant, which covered November 2020 to January 2021, it was capped at £7,500 and closed on 29 January 2021

  4. fourth grant, which covered February 2021 to April 2021, which was capped at £7,500 and closed on 31 May 2021

  5. fifth grant, which covered May 2021 to September 2021, which was capped at £7,500 and closed on 30 September 2021

HMRC has confirmed in its Agent update 93 that late claims and review requests must be made by 28 February 2022 but only where the original claims window was missed because of exceptional

Access this article and thousands of others like it
free for 7 days with a trial of TolleyGuidance.

There's no margin for error. Think Tax.
Think Tolley.

TolleyGuidance gives you direct access to critical, comprehensive and up-to-date tax information and expertise you can rely on.


Popular Articles

Withholding tax

IntroductionUK tax must be withheld on UK payments including:•interest•royalties•rental incomeUK withholding tax may be reduced under the provisions of a double tax treaty (DTT). Prior to 1 June 2021, payments of interest and royalties made to EU resident associated companies were also exempt from

19 May 2022 08:21 | Produced by Tolley in association with Anne Fairpo Read more Read more

Structures and buildings allowance

What is structures and buildings allowance (SBA)?From 29 October 2018, expenditure on constructing a non-residential building or structure, or in certain cases, expenditure on acquiring such a building or structure, qualifies for an SBA. The following note has been updated for the changes announced

19 May 2022 07:01 | Produced by Tolley Read more Read more

Transfer pricing rules ― overview

What is transfer pricing?Transfer pricing is the prices at which an enterprise transfers either physical goods, intangible property or services, including financing arrangements, to associated enterprises. Generally, enterprises are associated if there is direct or indirect control by one of the

23 Mar 2022 10:37 | Produced by Tolley Read more Read more