Tuesday 13 July 2021

HMRC publish details of the Fifth SEISS grant claim

Full details of the fifth Self-Employed Income Support Scheme (SEISS) grant, including a new turnover test which determines the level of the grant, were published by HMRC on 6th July.

Unlike the CJRS Furlough Grants to support employees’ wages, Tax Agents are not allowed to make SEISS grant claims on their client’s behalf.  This seems unreasonable as most self-employed traders will find the HMRC guidance inexplicable and will need their accountant/ tax agent’s assistance in determining how much they are entitled to!

Although the eligibility for the fifth grant is the same as the fourth grant, the amount of the fifth grant will be determined by how much the turnover of the business(es) have reduced compared to the turnover in the reference year.

See: Check if you can claim a grant through the Self-Employment Income Support Scheme - https://www.gov.uk/guidance/claim-a-grant-through-the-coronavirus-covid-19-self-employment-income-support-scheme

The fifth grant is 80% of three months’ average trading profits capped at £7,500 for those whose turnover has reduced by 30% or more. Those with a turnover reduction of less than 30% will receive a grant based on 30% of three months’ average trading profits, capped at £2,850.

We have been waiting for the precise rules for determining turnover, but HMRC guidance provides more questions than answers and further clarification is still required.

See:  Work out your turnover so you can claim the fifth SEISS grant - 
https://www.gov.uk/guidance/work-out-your-turnover-so-you-can-claim-the-fifth-seiss-grant

The turnover figure required is for a 12-month period starting on any date between 1 and 6 April 2020. Those who prepare accounts on a tax year basis will be able to use the same figure that will appear on the 2020/21 tax return.

That turnover figure is then compared to the turnover in the “reference period” which for most individuals will be the turnover figure from their 2019/20 tax return and there is an option to use 2018/19 if 2019/20 was not a normal year for the business.

The turnover figure will be the sum of all of the taxpayer’s businesses but should exclude coronavirus support payments (for example previous SEISS grants, eat out to help out payments and local authority grants).

The rules for partners seem particularly illogical, especially where they are also involved in another business. We will keep you updated if and when further clarification is published.

Please contact us if you need help with making the claim.


11 comments:

  1. End: Although the utilization of spices for sorrow is broadly spread, all in all there is (perhaps except for St. John's wort) no authoritative proof for the handiness of home grown medicines for sorrow. Particularly when contrasted with mental health counselor standard physician endorsed drugs for discouragement spices for wretchedness typically can't win as a best option treatment choice.

    ReplyDelete
  2. On the off chance that you seek to turn into a Medical Coder, you want to have a sharp eye for detail. First and foremost, learning and understanding the essentials of cpc exam tips life systems and physiology is significant. Clinical Coders need to pass specific confirmation programs, in which they will be prepared in the essentials of such coding.

    ReplyDelete
  3. Individuals will more often than not let their watchman down more effectively on Facebook. It's improper to discuss an awful separation, issue kids, or tipsy driving. This is anything instagram likes kaufen but a private discussion. More awful yet, is to involve one more's name in a study.

    ReplyDelete
  4. HSA's empower you to pay for current wellbeing costs and save for future qualified clinical and retired person wellbeing costs on a tax-exempt premise.' Thus the Health Savings Account is a work to expand the productivity of the American medical services Seguro dental framework and to urge individuals to be more capable and judicious towards their medical care needs. It falls in the class of buyer driven medical care plans.

    ReplyDelete
  5. Presently this has to do with some SEO or Search Engine Optimization information, which is as such, utilizing the right watchwords to rank as high as conceivable in a web crawler for example Google, instagram likes kaufen Bing. It must be connected with your posts and simultaneously, you need to ensure you utilize a watchword search instrument to really take a look at the opposition and number of search this given catchphrase has.

    ReplyDelete
  6. Based on 5000 bosses casting a ballot Harvard is as yet number one, however Cambridge was casted a ballot best for research quality in the review of 15000 scholastics and henceforth study in usa oversee itself on first situation in generally positioning. These rankings additionally rely upon separate scholarly distributing information bases.

    ReplyDelete
  7. Behind your advances and protective line there are midfielders. As a midfielder your assignment is to score objectives and to prevent your rival's midfielders from scoring. Normally a midfielder is soccer camp Oklahoma City either hostile (implies playing higher in the field) or guarded (and that implies playing closer your protective line).

    ReplyDelete
  8. You'll observe complete body knead seats with an assortment of sorts of back rub, neck massagers, foot massagers and hand held massagers generally Cardio Training intended to give you lavish back rubs at home. Never again do you need to dream about getting an incredible unwinding massage...just return home and turn on your massager.

    ReplyDelete
  9. For instance, after the continuous decline of the Lira, Turkish citizens have turned to [url=https://airdrop.taxi/crypto-airdrop/]crypto airdrop[/url] trading. SHIB team held a meeting recently with the former minister of economy. The goal is to enhance the store of value of SHIB

    ReplyDelete
  10. It features their details [url=https://www.smartweighpack.com/weigher/]multihead weigher packing machine[/url] such as product/business portfolio, market share, financial status, regional share, segment revenue.

    ReplyDelete
  11. The salon proprietors need to use birthday letters, cards on routine premise. Yet, the 'look' and 'deal' ought to be changed consistently. It is encouraged to keep offers so to have the closure braid wig option to use them again after specific timeframe or know about them pointing not to rehash the deal and fizzle.

    ReplyDelete