📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

SEISS 5 - Affected by covid, but turnover increased

Options
2»

Comments

  • Pennywise
    Pennywise Posts: 13,468 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
      It is also rather inconsistent to use profits in the first test and then turnover in the second test.
    All of Rishi's self employment support is inconsistent/illogical.  This is just one of many nonsensical rules/conditions that he imposed.  
  • Tragen
    Tragen Posts: 278 Forumite
    Eighth Anniversary 100 Posts Photogenic Combo Breaker
    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.
  • justwhat
    justwhat Posts: 723 Forumite
    Fifth Anniversary 500 Posts Name Dropper
    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)


  • Pennywise
    Pennywise Posts: 13,468 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    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.


  • Jeremy535897
    Jeremy535897 Posts: 10,733 Forumite
    10,000 Posts Fifth Anniversary Photogenic Name Dropper
    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.
  • justwhat
    justwhat Posts: 723 Forumite
    Fifth Anniversary 500 Posts Name Dropper
    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.
    EG the  reduction in profit for  May to September has to also cause a reduction in profit for 2021/22 tax return?  

    And 2021/22 reduction compared to what ? pre covid(19/20) or 20/21.....?





  • Jeremy535897
    Jeremy535897 Posts: 10,733 Forumite
    10,000 Posts Fifth Anniversary Photogenic Name Dropper
    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.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 351.1K Banking & Borrowing
  • 253.1K Reduce Debt & Boost Income
  • 453.6K Spending & Discounts
  • 244.1K Work, Benefits & Business
  • 599K Mortgages, Homes & Bills
  • 177K Life & Family
  • 257.4K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.