SEISS claim as a self employed partnership

rubble2

Hi, we are set up as partnership (me and my wife). I ran the SEISS eligibility tool yesterday and it confirms that I am eligible to claim - I can claim from Midday on 14th May.
As we are a partnership I have just entered my wife's details and she is also eligible to claim with a claim time of 8am on 25th May. So my question is do we both need to claim separately with the award notionally being split between us, or does one claim cover the whole partnership?

Thanks

Jeremy535897

You claim separately, based on your own shares of partnership taxable trading profit (if you are 50:50 partners, the claim should be the same for you both).

pateire

hi everyone
just a quick one if anyone can help
does anyone know if SEISS  will  decide how much income you require
i am going to claim, but i dont require the full amount of 80% 
i am only down about half of my usual salary
thanks

calcotti

pateire said:

hi everyone
just a quick one if anyone can help
does anyone know if SEISS  will  decide how much income you require
i am going to claim, but i dont require the full amount of 80% 
i am only down about half of my usual salary
thanks

If you are eligible you get the 80%. There’s is just one calculation method.
at the end of the year it will be included on your tax return and you may have to pay tax on it.

MarkJones4

pateire said:

hi everyone
just a quick one if anyone can help
does anyone know if SEISS  will  decide how much income you require
i am going to claim, but i dont require the full amount of 80% 
i am only down about half of my usual salary
thanks

If you require less it may be better to use the loan scheme, which doesn't get included in tax return as it's a loan rather than a grant

Jeremy535897

MarkJones4 said:

pateire said:

hi everyone
just a quick one if anyone can help
does anyone know if SEISS  will  decide how much income you require
i am going to claim, but i dont require the full amount of 80% 
i am only down about half of my usual salary
thanks

If you require less it may be better to use the loan scheme, which doesn't get included in tax return as it's a loan rather than a grant

Only if the combination of tax and reduction in benefits exceeds 100% of the grant (unlikely).

pateire

the loan scheme and the grant are 2 seperate entities
the loan is to help to keep  the business afloat, 
not just for the duration of the lockdown, but for the future
no one knows what is going to happen in the next 6/12 months
that is going to be far worst than the 3 months we have just been through