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Forming your business correctly is essential to ensure you are protected and you comply with the rules. Learn how to set up your business.

It is likely you will need funding to start your business unless you have your own money. Discover some of the main sources of start up funding.

Businesses and individuals must account for and pay various taxes. Understand your tax obligations and how to file, account and pay any taxes you owe.

Businesses are required to comply with a wide range of business laws. We introduce the main rules and regulations you must comply with.

Learn why business planning is an essential exercise if your business is to start and grow successfully, attract funding or target new markets.

Marketing matters. It drives sales and helps promote your brand and products. Discover how to market your business and reach your target customers.

Some businesses need a high street location whilst others can be run from home. Understand the key factors from cost to location, size to security.

Your employees can your biggest asset. They can also be your biggest challenge. We explain how to recruitment and manage staff successfully.

It is likely your business could not function without some form of IT. Learn how to specify, buy, maintain and secure your business IT.

Few businesses manage the leap from start up to high-growth business. Learn what it takes to scale up and take your business to the next level.

New rules for the fifth self-employment grant

20 July 2021

Self-employed workers can now claim the fifth and final government grant but to be eligible they must demonstrate that their turnover has fallen as a result of the pandemic.

Self-employed workers are being invited to claim the fifth Self-Employed Income Support Scheme (SEISS) grant if they "reasonably believe there will be a significant reduction in trading profits due to the impact of COVID-19 between 1 May 2021 and 30 September 2021".

In addition, a new turnover test means that they must also prove that their turnover has fallen during the pandemic. The new rules mean that claimants will need to work out two different turnover figures: April 2020 to April 2021 and either 2019 to 2020 or 2018 to 2019. HMRC will compare these figures to work out how much claimants will get.

If you have more than one business as a sole trader, your figure must include the total turnover from all of your businesses including any new ventures started between April 2020 and April 2021.

Claimants should not include any coronavirus support payments in their turnover calculations, such as:

  • Previous SEISS grants;
  • Eat Out to Help Out payments;
  • Local authority or devolved administration grants.

Those workers whose turnover is down 30% or more will get 80% of three months' average trading profits to a maximum of £7,500. Those whose turnover has fallen by less than 30% will get 30% of three months' average trading profits to a maximum of £2,850.

HMRC's online service to claim the fifth grant will be available from late July. SEISS claimants must also meet the following criteria:

  • You must be a self-employed individual or a member of a partnership;
  • You must have traded in 2019 to 2020 and in 2020 to 2021;
  • You must have submitted your 2019 to 2020 tax return on or before 2 March 2021;
  • Your trading profits must be no more than £50,000; however, if you are not eligible based on the trading profits in your 2019 to 2020 return, HMRC will look back at previous years.

Anyone who started trading in 2019/20 and did not have any self-employment or partnership income in any of the previous three tax years does not need to take a turnover test and will be eligible for the higher grant.

Written by Rachel Miller.

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