The key change from the previous SEISS grant is that the level of the grant depends on whether turnover has dropped by more or less than 30%.
The fifth grant is 80% of three months’ average trading profits, capped at £7,500 for those whose turnover has reduced by 30% or more. Those with a turnover reduction of less than 30% will receive a grant based on 30% of three months’ average trading profits, capped at £2,850.
To be eligible for the grant, an individual must be self-employed or a member of a partnership. They must also have traded in the tax year 2019/2020 and submitted their tax return on or before 2 March 2021, and also have traded in the tax year 2020/21. They must be currently trading but be impacted by reduced demand due to coronavirus (COVID-19), or have been trading but are temporarily unable to do so due to COVID-19. Claimants will need to provide two turnover figures during the claims process: one from the pandemic period and an earlier reference period.