Calculating the 30 % reduction in turnover for eligibility for SEISS Grant 4

textbook

To be eligible for the 80% SEISS grant rather than 30%, is it a case of having a 30% reduction in turnover in complete 2020-2021 tax year so (Apr 7th 2020-Apr 6th 2021)  compared to turnover in 2019-2020  (Apr 7th 2019- Apr 6th 2020)  ?     If so, I'll need to calculate my 2020-2021 tax return quite soon.    

Batesy1976

SEISS 4 doesn't use turnover reduction, it uses "significant reduction in trading profits" like the 3rd one.

textbook

Batesy1976 said:

SEISS 4 doesn't use turnover reduction, it uses "significant reduction in trading profits" like the 3rd one.

Well that's subjective so everyone's gonna claim if their profit is down.    Is that over Feb, Mar and Apr or whole year?

Jeremy535897

There are two time based tests. You have to suffer a significant reduction in profits in the 3 months to 30 April 2021 that causes a significant reduction in the trading profits of 2020/21 and 2021/22 (if you report profits in line with the tax year). See https://www.gov.uk/guidance/claim-a-grant-through-the-coronavirus-covid-19-self-employment-income-support-scheme

Jeremy535897

Jeremy535897 said:

There are two time based tests. You have to suffer a significant reduction in profits in the 3 months to 30 April 2021 that causes a significant reduction in the trading profits of 2020/21 and 2021/22 (if you report profits in line with the tax year). See https://www.gov.uk/guidance/claim-a-grant-through-the-coronavirus-covid-19-self-employment-income-support-scheme

Having now looked at a Chartered Institute of Tax webinar that discussed this point, the view was given that a significant reduction in either of the years' trading profits will suffice.