The Government has announced some details for the Fifth Grant available to Businesses affected by Coronavirus.
You will need to declare the following: -
· You intend to continue to trade
· You reasonably believe that there will be a significant reduction in your trading profits due to reduced business activity, capacity, demand, or inability to trade due to Covid 19 from May 2021 to September 2021
The amount of the Grant will be determined by your reduction in turnover shown in the year April 2020 to April 2021 (See below)
Turnover reduction How much you'll get Maximum grant
30% or more 80% of 3 months' average trading profits £7500
Less than 30% 30% of 3 months' average trading profits £2850
The online claims service for the fifth grant will be available in late July 2021. If you are eligible based on your tax returns, then HMRC will contact you around mid-July to give you a date that you can make your claim.
Please ensure that you have evidence that shows how your business has been impacted by Covid 19 and make an honest assessment as to whether your business will have a significant reduction in profits.