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
-
Government launches consultation package on HMRC powers and tax administration
The government has launched a wide-ranging package of consultations on tax administration, including proposals to strengthen HMRC's debt recovery powers, modernise tax agent regulation and expand the use of digital services. Several of the measures could have significant implications for taxpayers and advisers. What has been proposed?
-
What are HMRC’s new procedures for export evidence?
HMRC has updated its guidance about the proof of export you must retain if you ship goods abroad and zero-rate the sales. How will the new guidance affect your business?
-
Getting out of the child benefit tax trap
You expect to earn over £60,000 for this tax year which means you may have to pay back some or all of your family’s child benefit due to the high income child benefit charge (HICBC). Is it possible to reduce the charge?