SEISS 5 - Turnover / Profit

black_box

Hi all,

Just a query about this calculation of turnover, used for the SEISS grant - do they actually want turnover as opposed to profit...?

So in my case, my turnover as a freelance camerman for the year might be - for instance - £35,000, but 15K of that went straight out as expenses to pay other people, rent equipment etc. leaving profit of 15K.

If I have to list 30K (actual turnover) it's completely misleading on the state of my business, as the previous year I might have had a turnover of 40K with only 5K of expenses out.

In my case it's the difference between getting 80% and 30% payment. My 20/21 profits have fallen by way more than 30% this past year, but my turnover hasn't.

Thanks in advance!

Jamie

Jeremy535897

Turnover, which excludes grants.

black_box

Ok, thanks Jeremy!

An odd decision but there we go.

Best,

maxmycardagain

You’ll need to tell us about your turnover if you submitted a tax return for your business in 2019 to 2020 as well as any of the following tax years:

• 2018 to 2019
• 2017 to 2018
• 2016 to 2017

You must:

1. Work out your turnover for a 12-month period starting from 1 April 2020 to 6 April 2020.

2. Find your turnover from either 2019 to 2020 or 2018 to 2019 to use as a reference year.

You need to work out your turnover for a 12-month period. Your period must start on any day from 1 April 2020 to 6 April 2020.

You should check that your figure is accurate. HMRC will be able to check your figures after you submit your tax return for this period.

Your figure must include the turnover from all of your businesses.

Where to find your turnover figures

You can:

• refer to your 2020 to 2021 Self-Assessment tax return if you’ve completed it
• check your accounting software (if you use any)
• go through your bookkeeping or spreadsheet records that cover your self-employment invoices and payments received
• check the bank account you use for your business to account for money coming in from customers
• ask your accountant or tax adviser (if you have one)

What not to include

Anything reported as any other income on your tax return. You should also not include any coronavirus (COVID-19) support payments, for example:

• previous SEISS grants
• Eat Out to Help Out payments
• local authority or devolved administration grants

If you started or ceased a business in 2020 to 2021

black_box

Ok, thanks!