SEISS Grant - Putting in an early tax return to help boost if made more profit than subsequent years

coffee_king

I’ve been thinking about the Self-Employment Income Support Scheme (SEISS) Grant Extension.
I put my bookwork into my accountant the other week for 2019/2020 (Usually due by 31st Jan 2021, but there was a 6 month extension wasn't there taking it to July 2021). So that will be sent to HMRC by my accountant when they've done it shortly. IF it shows I have made a larger trading profit will this be taken into account in my subsequent grants? Same if I have made a loss/less of a profit.
So would it be a good idea for people who know they have made a larger profit this year (Than in any of their three previous years) to put their tax return in early and those who have made less profit/loss to not send their tax return until the last moment on the 6 month extension to make the most of their SEISS?
I cant see this having been discussed anywhere else on here (Or online) but I may be using the wrong search terms.

Dazed_and_C0nfused

What makes you think anything on your 2019:20 tax return impacts the amount of any of the SEISS grants?

coffee_king

Dazed_and_C0nfused said:

What makes you think anything on your 2019:20 tax return impacts the amount of any of the SEISS grants?

Because surely they wont keep calculating it from 2016/2017, 2017/2018, 2018/2019 when we move into the new tax year?

Dazed_and_C0nfused

Is there a SEISS grant announced which covers the new tax year?

Grumpy_chap

There is nothing announced yet that will use 2019-20 tax return data for calculation of SEISS.

The logic that they can't keep referencing back to the three-year period ending 2019 initially seems obvious as that period will become ever-more historic.  However, logic would also mean that eventually the current tax year gets considered and that means figures that include the impact (positive or negative) of COVID-19 is incorporated into the calculation, plus the value of the SEISS grants themselves (which is a roundabout route back to the period ending 2019).  I think the best hope has to be that the Government is working to a plan to reach a position whereby further grants, whether SEISS, CJRS, or whatever, are no longer required.

There may be some that see the idea of including the 2019-20  tax return figures as advantageous if it was a better year.  Surely, a similar number for whom it was a worse year.  A small number may think it worth the gamble on declaring higher profits (which will be taxed) in the anticipation of a "return on investment" if there are future SEISS grants calculated on that figure.  That would be a big gamble IMO and one that I am sure the Government will have some mitigation of, which for the foreseeable future drives everything back to using the three years ending 2019.