How do you claim the fifth SEISS?
To claim the fifth SEISS grant, you need to find out where to find the turnover figures you’ll need before you claim.
You’ll need to tell HMRC about your turnover if you traded in 2019 to 2020 as well as any of the following tax years:
- 2018 to 2019
- 2017 to 2018
- 2016 to 2017
Turnover includes the takings, fees, sales or money earned or received by your business.
Before you claim
- Work out your April 2020 to April 2021 turnover.
- Find your turnover from either 2019 to 2020 or 2018 to 2019 to use as a reference year.
You’ll need to have both figures ready when you make your claim.
How to work out your April 2020 to April 2021 turnover
You need to work out your turnover for a 12-month period, starting on any date from 1 to 6 April 2020.
You can use one of the following periods:
- 1 April 2020 to 31 March 2021
- 2 April 2020 to 1 April 2021
- 3 April 2020 to 2 April 2021
- 4 April 2020 to 3 April 2021
- 5 April 2020 to 4 April 2021
- 6 April 2020 to 5 April 2021
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
- 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.
What not to include:
You should visit the government website to find out more about the following scenarious:
- If you started or ceased a business in 2020 to 2021
- If you have more than one business as a sole trader
- If you’re a member of a partnership and have no other businesses
- If you’re a member of a partnership and also have another business
- If you’ve joined a partnership between April 2020 and April 2021 and have other businesses
Find a previous year’s turnover to use as a reference year
In most cases, you must use the turnover reported in your 2019 to 2020 tax return as a reference year. The figure needs to be:
- based on a 12-month period
- include the total turnover for all your businesses.
Your 12-month period does not need to start in April.
If 2019 to 2020 was not a normal year for your business, you can use the turnover reported in your 2018 to 2019 tax return. Your records should show how 2019 to 2020 was not a normal year for you. For example, if you:
- were on carers leave, long term sick leave or had a new child
- carried out reservist duties
- lost a large contract
- are eligible for the fifth grant but did not submit a 2019 to 2020 return
This is certainly a complicated procedure, but if you are engaging a bookkeeper or accountant to look at this for you, they will know what to look for and how to file it.
You can contact us here at The Hollies Bookkeeping Services which covers Shropshire, Wales and the Midlands on 01743 790086 or email us at firstname.lastname@example.org