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
-
Tax relief on equipment you haven’t paid for (yet)
The timing of tax relief for purchases of equipment isn’t straightforward when payments are delayed or goods are purchased through hire purchase (HP) agreements. How can you use these rules to your advantage and get tax relief before you’ve paid the final invoice?
-
HMRC clarifies summer holiday VAT cut
HMRC has published further guidance on the temporary VAT reduction for certain activities during the school summer holidays. The additional detail helps businesses determine which supplies qualify for the relief and, importantly, which do not. What do you need to know?
-
Electronic VAT return and payment due