You will be able to make claims for the fifth SEISS grant when the online claims service opens in late July. The fifth grant will be determined by a turnover test for most customers. The test considers how much your clients’ turnover has gone down by in the 2020-21 tax year due to the pandemic.
For more information on turnover, search 'SEISS' on GOV.UK. Customers who were not eligible for the fourth grant, will not be eligible for the fifth grant either as the same tax returns are used to determine eligibility for both grants. Guidance is now available on GOV.UK, search 'Self-Employment Income Support Scheme' for more information.
For June employers can claim 80% of their furloughed employees’ usual wages for the hours not worked, up to a cap of £2,500 per month.
What you need to do now
For July, the UK Government will pay 70% of employees' usual wages for the hours not worked, up to a cap of £2,187.50. In August and September, this will reduce to 60% of employees' usual wages up to a cap of £1,875.
Employers will need to pay the difference, so that they can continue to pay their furloughed employees at least 80% of their usual wages for the hours they do not work during this time, up to a cap of £2,500 per month.
The CJRS calculator is available to help you work out how much you can claim for employees up to the end of September. To find this and everything you need to know about the CJRS, search 'Job Retention Scheme' on GOV.UK.
The Extended Loss Carry Back measure announced at Budget 2021 allows businesses to make claims to carry back losses for a further two years than current rules allow. This temporary extension applies for losses in accounting periods ending between 1 April 2020 and 31 March 2022.
Claims over £200,000 must be made in a company tax return (CT600). Box 45 (claim or relief affecting an earlier period) on the return should be completed, and details of the carry back claims included in the computations that accompany the return and accounts.
There’s no need to submit amended returns for any earlier periods the extended relief applies to, as claims will be treated as amendments to those returns.
Claims below the £200,000 limit can be made outside of the company tax return. For how to do this, search 'extended loss carry back' and for more on trading loss claims, search 'claim relief corporation tax trading losses' on GOV.UK.