Fifth SEISS grant - amended HMRC guidance
The fifth Self-Employment Income Support Scheme (SEISS) grant has been open for claims since the end of July 2021. However, HMRC has amended its guidance regarding qualifying turnover. What’s changed?
HMRC has made changes to its SEISS guidance for working out business turnover. The changes relate to subcontractors in the construction industry and business partners.
For subcontractors the new guidance confirms that the amount of turnover for 2020/21 or an earlier year they must use for their claims is that before any construction industry scheme deductions. For business partners, the amended guidance clarifies how individuals who became partners during 2020/21 should calculate their turnover for that year. It says “you need to work out your percentage share of the partnership’s turnover. It will be the same percentage of profit you took from the partnership in the 12-month period, April 2020 to April 2021.”
Related Topics
-
What can you learn from HMRC’s input tax toolkit?
You know that penalties can be charged on careless errors and many mistakes relate to input tax being wrongly claimed. How can HMRC’s input tax guidance help your business to claim the right amount?
-
A £3,000 side-hustle allowance: more generous than it looks?
People making money from small side businesses will have more room to earn without paying income tax, following a Budget decision to triple the trading allowance. However, the figure relates to what you receive before expenses, not the profit you keep. Will the £3,000 allowance actually save you tax?
-
Electronic VAT return and payment due
This website uses both its own and third-party cookies to analyze our services and navigation on our website in order to improve its contents (analytical purposes: measure visits and sources of web traffic). The legal basis is the consent of the user, except in the case of basic cookies, which are essential to navigate this website.