Ssei grant 5 help!

calemc

I've been sent an email saying I can apply but I need to state my turnover... I'm confused as to what to include as my turnover. As I'm a self employed trade and am usually employed as a subcontractor so is my turnover the money I've been paid before tax and expenses? Or am I not eligible?I've messaged my accountant but am still waiting to hear back so I was wondering if anyone on here knew?

MattMattMattUK

calemc said:

I've been sent an email saying I can apply but I need to state my turnover... I'm confused as to what to include as my turnover. As I'm a self employed trade and am usually employed as a subcontractor so is my turnover the money I've been paid before tax and expenses?

Your turnover is your self-employed income, not net earnings, so it is what you were paid for those jobs before expenses. How much income tax or NI you paid on that afterwards is not relevant. The only thing to remove from that figure is VAT, if you are VAT registered. 

calemc said:

Or am I not eligible?

That would depend on how you are employed as a subcontractor, if on a self-employed basis and you meet the other rules for the scheme then yes, if you are a subcontractor on a PAYE basis then no.

calemc said:

I've messaged my accountant but am still waiting to hear back so I was wondering if anyone on here knew?

Generally I would say wait for your accountant to come back to you. If it has been a few days then chase them up, but they will have a detailed understanding of your circumstances so they will be able to confirm if you are eligible or not. 

calemc

Thank you 😊

Jeremy535897

You should ask your accountant for the figure included as turnover for 2019/20 on your tax return (or look at your copy). I imagine you have filed 2020/21 as well by now, so ask your accountant for that figure also, or look at your tax return. Turnover excludes SEISS grants and other coronavirus grants, and is the figure before any tax deducted under CIS.

If 2019/20 was not a normal year for your business, you can use the figures for 2018/19.

ChippieSteve

Your turnover is in box 15 on your tax return.

Jeremy535897

ChippieSteve said:

Your turnover is in box 15 on your tax return.

Or box 9 if you complete SA103S (box 15 turnover is on SA103F).

spencer999

I think it's fair to say admin is not my favourite fun thing to do.  I don't know what my turnover was for the last 2 years.  Once I do a SA return I prefer not to see it again 
Slashed my way through the thorns of gov.uk and found my tax calculations but it gives earnings after expenses which is no good, I must have turnover!  Can anyone give a chap a clue?

Jeremy535897

Open your SA return and look at SA103 (box 9 if you completed SA103S, box 15 if you completed SA103F).

beelzebomb

I was in a similar position, as normally it seems what you are left with after deductions is the normal request everywhere - but not in this case. A good idea (if you don't already) is to keep spreadsheets of everything in a folder for each tax year so you can cross-check in situations like this, and downloading the pdf file of your HMRC tax statement too after its submitted. It's on this pdf statement that you can search 'turnover' and see exactly what this is/was, then check your own tax spreadsheets and then apply the same principle for what is required for SEISS 5.

SquireSquibbs

Please help me. I wasn't eligible for the first 3 SEISS grants and didn't know about the fourth, but I looked at the criteria for the fifth and I thought I was eligible according to the guidance, but when I checked it said I wasn't. It gave the following: 

• you are not registered as self-employed with HMRC
• you earned more than £50,000 in profit in the 2019 to 2020 tax year (6 April 2019 to 5 April 2020)
• you earned less from self employment in the 2019 to 2020 tax year than income you got from elsewhere
• you did not submit your Self Assessment tax return for 2019 to 2020 on or before 2 March 2021

I am registered as self employed. I did not earn more than £50,000, I made a loss in fact (hence why I couldn't apply for the first 3), not sure about the 3rd statement as I don't have another job, and I DID do my return before March 21. So I am confused. It says that the fifth grant is all about turnover which I was lead to believe was money in to the business as opposed to profit? If this is the case, My money into the business was around 38000 in 19/20, so is this my turnover? In which case why can't I claim. I tried looking on my previous tax returns for the boxes they say to look for and all I got was reams of questions and their answers on my tax return. I could not find a box stating turnover. Please help. One minute they are talking about the profit you've made and then turnover. I am so confused. I have spent hours on this and i am more confused than i was at the start. Thank you

Jeremy535897

The statements are generic and appear on every case where eligibility is in question.

SEISS 5 is not "all about" turnover. SEISS 5 is basically the same as SEISS 4 (although the relevant time periods are different), but instead of getting 80% grant if you qualify, there is a further condition that if your turnover has not fallen by 30% or more, you only get a 30% grant rather than an 80% grant.

You said you were not eligible for SEISS 1, 2 and 3 because you made a loss. Did you make a profit in 2019/20 that outweighed the losses in the period 2016/17 (or whenever you started trading if later) to 2018/19? If not, there are no profits to base a grant on. 80% of nothing is nothing, and your turnover doesn't matter.

My earlier post explained that turnover is shown in box 9 of SA103S or box 15 of SA103F. You must have filed one or the other for each year you traded.