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The Fifth Government Grant

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.

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MPH Accountants

We offer a friendly and professional service to our clients. Our client base is wide and varied ranging from small one-man bands to large limited companies, and our business principle is the same in that each client, no matter what size, has their own individual requirements.

Whitstable - 01227 277 667
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Email: admin@mphaccountants.co.uk