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Self Employment Grant Calculator

We have provided an easy to use calculator designed to help you estimate the fifth grant that may be available to you under the Self-Employment Income Support Scheme (SEISS). Scroll down to access our handy tool.

In addition to the calculator below, we have detailed all of the financial support available to the Self Employed here.

Are you eligible for the fifth SEISS grant?

In order to be eligible for the fifth grant under the Government’s Income Support Scheme you must:

  • have traded in both the 2019/20 and 2020/21 tax years
  • have submitted your 2019/20 tax return by 2nd March 2021
  • either:
    • be currently trading but are impacted by reduced demand due to coronavirus; or
    • have been trading but are temporarily unable to do so due to coronavirus

You must also declare that you:

  • intend to keep trading in 2021 to 2022
  • reasonably believe there will be a significant reduction in your trading profits due to the impact of coronavirus between 1st May 2021 and 30th September 2021.

HMRC provides examples and definitions of reasonable belief and significant reduction in your trading profits here.


Your trading profits must also be no more than £50,000 and more than half of your total income for either:

  • the tax year 2019/20
  • the average of the tax years 2016/2017, 2017/ 2018, 2018/2019 and 2019/20

You can check if you meet the criteria here.


Grant Estimator Tool

This easy to use tool is designed to give you an indication of how much you may be able to claim.

How to use our calculator

You will need to obtain information from your filed tax returns for 2019/20, 2018/19, 2017/18 and 2016/17 to estimate your grant.

Leave blank any years during which you were not self-employed.

If you made a loss in any of the years then please enter a minus before the amount.

The amount available will also depend on how much your turnover was down in the 12 months from April 2020 to April 2021, compared to an earlier tax year:

  • Where turnover fell by 30% or more = higher grant
  • Where turnover fell by less than 30% = lower grant

Care must be taken when determining the level of grant available, as the turnover calculations can differ slightly in certain circumstances. You should seek professional advice if you are unsure of how to calculate how much your turnover fell.

HMRC provide guidance on how to work out your turnover so you can claim the fifth SEISS grant here.

Please note that if your trade commenced in the 2019/20 tax year, and there was no trade in 2018/19, 2017/18 and 2016/17, then you are not required to work out how much your turnover was down. In this scenario the higher grant will be available, subject to all the other eligibility conditions being met.

Before using this tool please see our disclaimers below.

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Please select the level of grant available


How to claim for the fifth Self-employment Income Support Scheme grant

As with the earlier grants, you can only make the claim yourself. HMRC has stated that an accountant cannot claim the grant on your behalf as this will trigger a fraud alert, which will delay your payment.

HMRC has tried to make the claim process as simple as possible and it believes the whole process should only take up a few minutes of your time.

You will need the following information to hand in order to make your claim:

  • Self-Assessment Unique Taxpayer Reference (UTR)
  • National Insurance number
  • Government Gateway user ID and password – if you do not have a user ID, you can create one when you make your claim
  • UK bank details (only provide bank account details where a Bacs payment can be accepted) including:
    • Bank account number
    • Sort code
    • Name on the account
    • Your address linked to your bank account

More details are available here what a UTR number is and where to find your UTR number.

A link to the HMRC claim portal, where you can make your claim, can be found here.

When you have logged in, you will be presented with information about how your grant has been calculated and be asked the following:

  • Read and accept the eligibility criteria
  • Complete several declarations, including confirmation that your business has been adversely affected by coronavirus

Supply the bank account details into which they would like the grant to be paid

How to claim for the fifth Self-employment Income Support Scheme grant

If HMRC approves your claim, it aims to pay your grant directly into your bank account within six working days, in a single instalment.

The online system will also tell you how much you will be paid and how HMRC calculated your entitlement, which will be based on your submitted tax returns.

If you don’t receive the grant within 10 working days of completing your claim, you should contact HMRC.

Disclaimers:

Please review the eligibility criteria above before using this tool. Due to the complexities of every individual’s taxation needs, this tool should only be used for estimations.

If having a new child impacted on the trading profits you reported for the tax years 2018/2019 or 2019/20, then the results of this tool should not be relied upon. You should seek further advice if this affects you.

The information shared here is intended to inform rather than advise. Taxpayer’s circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this information, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.

When applying for Government support, we urge all our clients to be wary of the coronavirus scams targeting businesses and individuals.

See how TaxAssist Accountants can help you with a free, no obligation consultation

01603 981640

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