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SEISS 5 - Affected by covid, but turnover increased
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Grumpy_chap said:It is also rather inconsistent to use profits in the first test and then turnover in the second test.0
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Thanks everyone, I'm a little more hopeful and I will put in a claim and see what they come up with. I can only try.0
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So
Turnover for tax year 20/21 was 10k higher than 19/20
Profit 20/21 was 3k less than 19/20
(without grants)
and May - September trading profits/turnover is less than expected due to covid.
So can SEISS 5 be claimed if so why? (having trouble getting my head around this one)
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justwhat said:So
Turnover for tax year 20/21 was 10k higher than 19/20
Profit 20/21 was 3k less than 19/20
(without grants)
and May - September trading profits/turnover is less than expected due to covid.
So can SEISS 5 be claimed if so why? (having trouble getting my head around this one)
Over-riding criteria is whether covid has adversely affected your profits for the May_September period.
Yes, you say it has.
So, you get the grant.
Next question is whether you get full grant or reduced grant which is the turnover test. Your turnover didn't fall by the specified amount year on year, so you get the lower grant.
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Assuming your year end is 31 March or 5 April, You have to show that your trading profits, excluding grants, for 2021/22 are expected to be significantly reduced as a result of the effect of coronavirus on the trading profits for the period May 2021 to September 2021.0
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Jeremy535897 said:Assuming your year end is 31 March or 5 April, You have to show that your trading profits, excluding grants, for 2021/22 are expected to be significantly reduced as a result of the effect of coronavirus on the trading profits for the period May 2021 to September 2021.
And 2021/22 reduction compared to what ? pre covid(19/20) or 20/21.....?
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Here's a simple example:
Estimated profit 2021/22 without coronavirus £25,000
Estimated reduction in trading profits due to coronavirus May 2021 to September 2021 £5,000
If you regard £5,000 as a significant reduction (20% of £25,000), you meet this particular condition.0
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