20/21 Tax Return & SEISS

sabelu

So with the above I was expecting the SEISS payment to be added to my revenue as a stakeholder and be part of my gross with a potential of being taxed on it if the threshold was breached. However when i went in to complete my return it seemed to be just declared but not added to my meagre annual gross or net after expenses. Hence i made my first loss.
Was this the expectation?
Secondly as stated i made my first small loss and there was a page whereby it said that loss could reduce my previous years tax on my profit is this the case? And i assume i should be enabling this?

Jeremy535897

The SEISS payments should be in box 27.1 of the form SA103S. They are taxable as part of your self employed results.

sabelu

Yes I’ve seen that and it states the payment at the beginning of the submission too but my calculation came out as a loss when it should’ve been a profit but only due to the SEISS payment still wouldn’t have paid tax but.....

MattMattMattUK

sabelu said:

Yes I’ve seen that and it states the payment at the beginning of the submission too but my calculation came out as a loss when it should’ve been a profit but only due to the SEISS payment still wouldn’t have paid tax but.....

How did the addition of the SEISS grants turn a profit into a loss?

sabelu

Ok so i think I am not being clear enough here.

Firstly if you’ve had a SEISS grant it shows as you open the online return and asks you to confirm.
You then get to to the income and it asks for income excluding SEISS then obviously expenses it asks you to restate the SEISS grant but the end calculation seems not to consider that.
In my case my expenses were more than my income as I spent to try to generate revenue if the SEISS had been added to the calculation then I wouldve been in overall profit which is what I expected but wasn’t.
I did also make a SIPP contribution from my savings which was declared would this have affected the calculation?

Jeremy535897

Have you put the SEISS receipts in box 27.1 of SA103S?

The SIPP payments should not affect anything assuming you are a non taxpayer or basic rate taxpayer, so long as you selected the box for contributions paid net of tax.

sabelu

Will have to review but wont let me at the moment