HMRC has published guidance on how to work out turnover if you are eligible for the fifth SEISS (Self- Employment Income Support Scheme) grant. Claimants will need to work out turnover for a 12-month period starting from any date between 1 – 6 April 2020 and find your turnover from either 2019-2020 or 2018 to 2019 to use as a reference year.
To find your 2020/21 turnover figure:
- Refer to your Self-Assessment Tax return 2020-21 if you have completed it
- Check your accounting software, bookkeeping records covering self-employment invoices and payments received
- Check bank account used for business
- Ask your accountant or tax advisor
To find your reference year turnover, use the turnover reported in your 2019-20 tax return unless 2019-20 was not a normal year for you, (sickness, maternity, reservist, unusual client activity), in which case use your 2018-19 turnover figure. Your records must show how 2019-20 was not a normal year for you.
The online claims service will ask you for your turnover figures and compare them for you. If your turnover is down by 30% or more, your grant will be 80% of 3 months’ average trading profits capped at £7,500. If your turnover is down by less than 30% your grant will be 30% of 3 months’ average trading profits capped at £2,850.
You can check if you are eligible to claim the fifth SEISS grant here. If you are eligible based on your tax returns HMRC will contact you in mid-July to give you a date you can claim from and the online claim service will open in late July. Claims must be made by 30 September.