SEIS

Gogglesfog

My son is a tattoo artist which he began in 2017. He submitted a tax return for year ending 2018 but that only related to 4 months. He then submitted a return for year ending 2019. Obviously he has been unable to work through the lockdowns and applied for SEIS . 

It seems that HMRC have calculated the grants over 24  months rather than 16 which has reduced the grant substantially.

Is this correct, especially as they call it an average of turnover?

If he applies for the fourth grant when available will the HMRC include year ending 2020 ?

Thank you in advance of your help.

Grumpy_chap

Gogglesfog said:

It seems that HMRC have calculated the grants over 24  months rather than 16 which has reduced the grant substantially.

Is this correct, especially as they call it an average of turnover?

That is correct.

No-one knows what the criteria will be for the 4th SEISS grant.  It may or may not take into account 2019/20.  The rules are expected to be announced in the budget on 3rd March.