{"id":1323,"date":"2021-07-29T04:00:00","date_gmt":"2021-07-29T04:00:00","guid":{"rendered":"im-22188"},"modified":"-0001-11-30T00:00:00","modified_gmt":"-0001-11-30T00:00:00","slug":"turnover-defined-for-5th-seiss-grant","status":"publish","type":"post","link":"https:\/\/ep-accountants.co.uk\/turnover-defined-for-5th-seiss-grant\/","title":{"rendered":"Turnover defined for 5th SEISS grant"},"content":{"rendered":"<p>HMRC has published new guidance to help the self-employed calculate their turnover for making a claim under the 5th Self-Employment Income Support Scheme (SEISS) grant. The final date for making a claim for the 5th grant will be 30 September 2021.&nbsp;<\/p>\n<p>The figures will be used to compare turnover in the pandemic year from April 2020 &ndash; April 2021. The turnover for the &lsquo;pandemic&rsquo; year can be calculated starting on any date from 1 to 6 April 2020 for a period of 12 months. For example, from 1 April 2020 to 31 March 2021 or from 6 April 2020 to 5 April 2021.<\/p>\n<p>HMRC states that you can:<\/p>\n<ul>\n<li>refer to your 2020 to 2021 Self-Assessment tax return if you&rsquo;ve completed it<\/li>\n<li>check your accounting software (if you use any)<\/li>\n<li>go through your bookkeeping or spreadsheet records that cover your self-employment invoices and payments received<\/li>\n<li>check the bank account you use for your business to account for money coming in from customers<\/li>\n<li>ask your accountant or tax adviser (if you have one)<\/li>\n<\/ul>\n<p>COVID-19 support payments such as previous SEISS grants,&nbsp;and local authority or devolved administration grants should not be included in the turnover figure.&nbsp;<\/p>\n<p>This &lsquo;pandemic&rsquo; year turnover should then be compared to a previous year&#39;s turnover, known as the &lsquo;reference&rsquo; year. For most self-employed the turnover reported in 2019-20 should be used as the reference year. However, this is not always the case and if 2019-20 was not a normal year for the business in question, the turnover reported in 2018-19 can be used.&nbsp;<\/p>\n<p>Self-employed persons whose turnover, as set out above, has fallen by more than 30% will continue to qualify for the 80% grant, capped at &pound;7,500. Those with decreases in turnover of less than 30% will be restricted to a 30% claim, capped at &pound;2,850. When making a claim, the online service will ask for turnover figures and compare them. The claims service will then tell the applicant if they can claim the higher or lower grant amount.<\/p>\n<p>The SEIS scheme is only open to those self-employed with annual profits of less than &pound;50,000 and who receive at least half their income from self-employment.<\/p>\n<div style='font-size:smaller' class='im_source'>Source: HM Revenue &#038; Customs   Tue, 27 Jul 2021 00:00:00 +0100<\/div>\n","protected":false},"excerpt":{"rendered":"<p>HMRC has published new guidance to help the self-employed calculate their turnover for making a claim under the 5th Self-Employment Income Support Scheme (SEISS) grant. The final date for making a claim for the 5th grant will be 30 September 2021.<\/p>\n","protected":false},"author":1,"featured_media":1324,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_seopress_robots_primary_cat":"","_seopress_titles_title":"","_seopress_titles_desc":"","_seopress_robots_index":"","footnotes":""},"categories":[29],"tags":[],"_links":{"self":[{"href":"https:\/\/ep-accountants.co.uk\/wp-json\/wp\/v2\/posts\/1323"}],"collection":[{"href":"https:\/\/ep-accountants.co.uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ep-accountants.co.uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ep-accountants.co.uk\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ep-accountants.co.uk\/wp-json\/wp\/v2\/comments?post=1323"}],"version-history":[{"count":0,"href":"https:\/\/ep-accountants.co.uk\/wp-json\/wp\/v2\/posts\/1323\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ep-accountants.co.uk\/wp-json\/wp\/v2\/media\/1324"}],"wp:attachment":[{"href":"https:\/\/ep-accountants.co.uk\/wp-json\/wp\/v2\/media?parent=1323"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ep-accountants.co.uk\/wp-json\/wp\/v2\/categories?post=1323"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ep-accountants.co.uk\/wp-json\/wp\/v2\/tags?post=1323"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}