In this situation, the maximum Sean could have received for the three months would be £6,570 (£2,190 x 3 months). This payment would have been calculated as follows: Sean should have received from the government 70% of his average monthly profits of £2,000 (£24,000 divided by 12) for three months so £2,000 x 70% x 3, which is £4,200. On 1 July 2020, the scheme was extended to provide payments to certain self-employed individuals (or partners in partnerships) who did not originally qualify based on their trading profits or total income in 2018/19 because they had parental responsibilities or were a military reservist. The first grant covered a three month period to 13 July 2020. HMRC has already confirmed that you do not have to claim the first SEISS grant to be eligible for the second instalment. However, as the original SEISS grant covers March, April and May, this would mean that June and half of July’s earnings will not be covered. The amount of this second and final SEISS grant will be calculated at 70% of the taxpayer’s annual average profits, capped at £6,570 for three months. ⚠️ The claim process for the first SEISS grant closed on 13 July 2020. The webinar will focus on what has changed from previous grants, who will qualify (and who will not), the claims process and compliance aspects, plus there will be a brief look ahead to the fifth grant - for more details see here. For tax credit purposes, most self-employed claimants use their taxable profit figure from their tax return when declaring income for tax credit purposes and this will include the SEISS grant, so no further adjustments should be necessary. The reduction must also have been as a result of the reduced activity, capacity or demand suffered by the business. The second grant was based on 70% of your average monthly profits from self-employment for the 2016/17, 2017/18 and 2018/19 tax years. If the average self-employment profits for these three tax years were £50,000 or less and these profits were more than 50% of your average taxable income over the period, then the profits test would have been treated as met. This might be the case if you claimed the grant but you later realised that you did not meet all of the eligibility conditions. The grant was calculated as £20,000 + £23,000 + £29,000, which totals £72,000 and averages at £24,000 per tax year (that is, £72,000 divided across the three tax years). There are restrictions on information that HMRC can ask you to produce in the event of an enquiry if such information is of a personal nature, for example relating to ill-health. Self-employed UC claimants must send their earnings information to DWP after the end of each assessment period. The HMRC website says that to be eligible for August’s SEISS, you must show that your “business has been adversely affected on or after 14 July 2020”. Although the SEISS grants are taxable, you can only deduct any tax actually paid in that assessment period for UC purposes. Sean could receive from the government 80% of his average monthly profits of £2,000 (£24,000 divided by 12) for three months so £2,000 x 80% x 3, which is £4,800. If the 2018/19 return was submitted after 23 April 2020 HMRC said you would not be eligible for the first three SEISS grants unless you fell into certain limited exceptions. Therefore, it was possible to be eligible for different grants depending on when your business had been adversely affected, or if your intention changed regarding continuing to trade. If you have more than one self-employment, you must add together the trading profits and losses for all self-employments to work out your overall trading profits. READ MORE: State Pension: Britons … HMRC has published four Treasury Directions under Sections 71 & 76 of the Coronavirus Act 2020 which set out the legal framework for the SEISS here. The first grant, billed as covering March to May 2020, was available to businesses adversely affected up to 13 July 2020. What if I have made a trading loss in one of the three tax years 2016/17 to 2018/19? For the fourth and fifth grants, please see our separate page. It came as something as a surprise last month when the chancellor announced as part of his Winter Economy Plan that the Self Employed Income Support Scheme (SEISS) would be extended with a further third and fourth round of grants. Information on how to do this is on GOV.UK. LITRG makes no comment on whether you should or should not make a voluntary repayment to HMRC in these circumstances. What period does SEISS cover? He met all of the SEISS eligibility conditions and his trading profits for each tax year were: Sean continued to trade between September and December, however his sales income (turnover) was lower than usual because of coronavirus. If you are unsure, you should contact HMRC. The value of the grant is based on an average of trading profits for up to four tax years between ending 2019/20. When applications for SEISS grants opened in mid-May HMRC did not specify any deadline for claims. As the first three SEISS grants are taxable in the 2020/21 tax year, our understanding is that they will form part of your taxable profits for 2020/21. (For claims under the first round of the SEISS, this was the period up to and including July 13, 2020. He met all of the SEISS eligibility conditions for the first grant and his trading profits for each tax year were: HMRC contacted Sean to invite him to make a claim which he did through GOV.UK (see below) and they calculated his first SEISS grant as £4,800 which was paid directly into his bank account. You do not need to have claimed the first grant to be eligible for the second and final grant. There was a monthly maximum limit of £2,190. Our understanding is that HMRC’s intention is for the first three SEISS grants to be taken into account as trading income for 2020/21 for your tax credits claim. Eligibility will be based on 2019/20, or the four year period spanning 2016/17 to 2019/20. For the second round of SEISS, it is the period on or after July 14, 2020); the individual ceased to trade (or incorporated their business) in 2019-20; or If you had not completed the specific form by 20 November 2020, you may have been blocked from claiming further SEISS grants. The first grant covered the period from 1 March 2020 to … You may not have met all the eligibility criteria for the second grant even if you claimed the first, for example your trading position may have returned to the same level as before the coronavirus outbreak such that you were no longer ‘adversely affected’. If Sean’s average monthly profits were higher than the example above, such as £3,500 per month, the amount of the second SEISS grant would have been capped at £2,190 per month. Average monthly profits were calculated in the same way as for the first SEISS grant. To be eligible you must have been trading during 2018-19. The rest of this page discusses the rules for the first three grants only. The third seiss grant will provide a taxable sum calculated as 20% of average monthly trading profits paid out in a single instalment covering three months' the level of the fourth seiss grant is to be kept under review and will be set in due course. Compliance aspects of the Chartered Institute of Taxation (Registered Charity number 1037771). This is three months of profits paid by the Government. Professional Standards Committee: Who we are and what we do, Technical Policy and Oversight Committee - who we are and what we do, Grant and Sponsorship Funding Applications. However, each grant then multiplies that notional profit figure by a certain percentage (depending on which grant is being claimed) and the amounts paid are capped. The grant will be set at 80% of three months’ average trading profits, paid out in a single instalment, capped at £7,500. If you traded in 2016/17 and/or 2017/18 but your tax return(s) for either or both years were not filed by 23 April 2020, then the grants are calculated on the assumption that you did not trade in the year(s) for which the tax returns are outstanding. HMRC have responded to this by saying they will allow voluntary repayments of some or all of the grant individuals have received. Claims for the fourth grant will be possible from late April. There was a monthly maximum limit of £2,500 and this first grant covered three months. The first SEISS grant covered the period of March to May 2020, while the second grant covered June to August 2020. The fourth grant will notionally cover the three-month period from 1 February 2021 to 30 April 2021. Tax treatment Following the extension of the SEISS into the 2021/22 tax year, grants will now be included as income in the tax year in which they are received. There was no requirement for trading profits to be reduced by a certain fixed amount or percentage, but the reduction must be ‘significant’. Under the scheme, you can still work in your business or do other work such as new employment or volunteering. This will be due on 31 January 2022. It is important to either print or take a screenshot of the calculation of your SEISS grant and the grant claim reference. The scheme will provide a grant to self-employed individuals or partnerships, worth 80% of their profits up to a cap of £2,500 per month. It will be paid at 80% of the taxpayer’s average trading profits for 2016/17 to 2018/19, as calculated for the SEISS.1grant. It is no longer possible to make a claim for the first SEISS payment. There must have been some impact on the amount of work you had, or on your ability to carry out that work, in order to qualify. Further support. There was a monthly maximum limit of £2,500 and this first grant covered three months. Further details will be provided on the fifth grant in due course. The SEISS grant will not be payable to anyone in the following categories: Has average annual profits of £50,000 or more – these taxpayers will get nothing. However, the deadline of 13 July 2020, which was announced when the scheme was extended, is fast approaching and your claim for the first grant must be made by this date. Sean had self-employment trading profits for the 2016/17, 2017/18, 2018/19 tax years, he had no other income, and he was unable to work because of the coronavirus but was planning to get back to work as soon as he could. Those eligible for the first quarter need to have claimed SEISS by 13 July 2020 in order to get the first grant. It is no longer possible to make a claim for the third SEISS grant. We provide more detail on the fourth and fifth grants here. The third grant covered the period from 1 November 2020 until 29 January 2021. The Act received Royal Assent on 22 July 2020. It covers up to 80 per cent of average monthly profits in November, … Our article Self-Employment Income Support Scheme: your common problems explained outlines how the eligibility criteria worked if you started your self-employment during the 2017/18 or 2018/19 tax year. If you’re not eligible and have to pay the grant back, you must tell us within 90 days of receiving the grant. If you made a loss in one tax year, this is deducted from the profits for the other two years when working out an average profit for the three-year period. For the third and fourth grants, you should also keep records to demonstrate how your business has been affected by reduced activity, capacity or demand, as well as evidence to back-up your belief that you will have a significant reduction in trading profits. ⚠️ A note about the tax treatment of SEISS grants: The first three grants are subject to both income tax and Class 4 National Insurance contributions in the 2020/21 tax year. This reduced to 70% for the second grant payable in August. So, if his self-employment began in July 2018, his profits of £29,000 would still have been divided by 12 to work out his average monthly profits even though he only traded for 9 months in that year. The fourth grant February 2021 to April 2021 For the second grant, you needed to have been adversely affected at some point on or after 14 July 2020 up to the closure of claims for second grants on 19 October 2020. The SEISS portal closed for claims for the initial grant period on 13 July. © 2020 Chartered Institute of Taxation You needed to consider whether or not you had a significant reduction in trading profits over the whole of at least one basis period, not just the period from 1 November 2020 to 29 January 2021. However, in the context of proving entitlement to SEISS, it might be reasonable for HMRC to ask you to produce records showing the impact of such ill-health on your business – such as having to stop work for a certain period. Guidance on how to work out your trading profits and non-trading income for the scheme is here. Sean had self-employment trading profits for the 2016/17, 2017/18 and 2018/19 tax years, he had no other income, he was unable to work because of the coronavirus but was planning to get back to work as soon as he could. If Sean’s average monthly profits had been higher than the example above, such as £3,500 per month the amount of the SEISS grant would have been capped at £2,500 per month. The other conditions to qualify for the second grant remain the same as for the first SEISS grant, applications for which closed on 13 July. Example: Sean They should be reported in full on your 2020/21 self-assessment tax return in due course. The third grant covered a three-month period from 1 November 2020 until 29 January 2021. HMRC’s factsheet CC/FS47 gives more information about assessments and penalties in relation to grant overpayments. ‘Significant reduction’ and ‘relevant basis periods’. His first SEISS grant would have been calculated as follows: Sean’s second SEISS grant would have been calculated as: If Sean had only started working on a self-employed basis part way through the 2018/19 tax year, the calculation of his grant would have been the same. Legislation to introduce rules on how SEISS grants are taxed is in Schedule 16 Finance Act 2020 – see here. The fourth grant will cover the three-month period from February to April 2021. We also provide guidance below if you want to voluntarily pay back some of the grant, even if you were entitled to it. On 26 March 2020, the Chancellor announced that the Government would provide support to self-employed workers in the form of a cash grant of 80% of their profits, up to £2,500 per month for three months. READ MORE: State Pension: Britons could claim extra £356 each month for arthritis. The last date for making applications under the next part of the self-employment income support scheme is 19 October 2020. The 1st seiss payment covered a 3 month period - March 2020 until the end of May, however the tax year begins on 6th April. The government is providing support for the self-employed in the UK under the Self-Employment Income Support Scheme. However, the deadline of 13 July 2020, which was announced when the scheme was extended, is fast approaching and your claim for the first grant … It will introduce an additional turnover test and the amount of the grant will be determined by how much turnover has been reduced in the year April 2020 to April 2021. You might find our press release warning of the tax consequences of interest, as you will need to factor in these charges on the grant if estimating your Self Assessment bill for 2020/21 and budget accordingly. As part of the claim process, you will confirm that you meet all of the eligibility criteria and HMRC will explain how the grant has been calculated and what you will receive. You usually need to report payments into and out of the business in the assessment period – that includes the total amount of income your business received. The Chancellor announced on 5 November 2020 that the third SEISS grant would be based on 80% of your average monthly profits from self-employment for the 2016/17, 2017/18 and 2018/19 tax years. However, you should bear in mind that things may change as the government respond to the ongoing situation. The fifth and final SEISS grant will cover May to September 2021, assuming restrictions ease as planned this year and no further setbacks occur. A grant under SEISS does not count as ‘access to public funds’ for immigration purposes. The headlines of SEISS are: It will support self-employed individuals (including members of partnerships) whose income has been negatively impacted by COVID-19. If you are eligible for this grant, you only have until Monday 13 th July 2020 to make the claim. The Government has approved four SEISS grants for eligible self-employed people during the coronavirus pandemic. If your basis period ended in the period 1 November 2020 to 29 January 2021 (for example, your basis period ended on 31 December 2020), then you will have two relevant basis periods. If you do not notify HMRC within 90 days, you may be charged a penalty unless the failure was not deliberate, and you had a reasonable excuse. So, the maximum Sean could have received for the first SEISS grant would have been £7,500 (£2,500 x 3 months). On 3 March 2021, it was announced that the fourth grant would take account of 2019/20 trading profits on tax returns submitted by midnight at the end of 2 March 2021. In this case you would have just looked at 2018/19 to see if the profits test was met. HMRC’s factsheet CC/FS11a provides information about when HMRC might charge penalties for a failure to notify an Income Tax charge relating to an overpayment of a coronavirus support payment, including under the SEISS. The first grant covered a three month period to 13 July 2020. The qualifying criteria for each grant is different. You will also report any expenses paid out in that assessment period along with any payments of tax, National Insurance contributions and any money you paid into your pension. On 26 March 2020, the Chancellor announced that the Government would provide support to self-employed workers in the form of a cash grant of 80% of their profits, up to £2,500 per month for three months. b) you were self-employed in the 2019/20 tax year and traded for at least part of that year, c) you intended to continue trading in the 2020/21 tax year for at least part of the year (or would have done so but for coronavirus). See the Example in HMRC’s guidance which shows how this works. You had to confirm that your business had been adversely affected as part of the claim process. Why should you get involved with the CIOT? Applications for the first grant closed on 13 July 2020. Your self-employed profits are the trading profits shown on your tax return (usually in box 28). The first SEISS grant covered the period of March to May 2020, while the second grant covered June to August 2020. What is the Self-Employment Income Support Scheme (SEISS) and can I use it? July 08, 2020. Final Call for the First SEISS Grant. If you did not carry on a trade in 2016/17, then the average profits for 2017/18 and 2018/19 were used. Guidance on how to tell HMRC if you made a claim in error because you were not eligible for the grant, have been overpaid or would like to make a voluntary repayment is here. Keep records of the amounts received and plan for tax and National Insurance contributions on the grants. ⚠️ We are working hard to ensure this guidance is up to date. When applications for SEISS grants opened in mid-May HMRC did not specify any deadline for claims – the deadline of 13 July 2020, announced when the scheme was extended, is now approaching and claims for the first grant must be made by this date. grants are taxable in the tax year 2020/21. The SEISS grants will be treated as self-employed income in the assessment period that they are received and will not impact any UC received in earlier assessment periods, even if your business had been adversely affected by the coronavirus outbreak during those assessment periods. The fifth grant - May 2021 to September 2021. There is an Example of this in HMRC’s guidance which shows how this works. The first taxable SEISS grant, which covered 1st March 2020 to 31st May 2020, was provided for self-employed workers who either had to close or who saw a negative impact on business because of COVID-19. If you are taking a break from your self-employment because of pregnancy, a new baby or adoption, or have had a break for this purpose since 6 April 2019 (or, for the fourth grant onwards, since 6 April 2020), HMRC will treat you as still trading throughout the period and so you will remain eligible for one or all SEISS grants if all the eligibility criteria above are otherwise met. Further information on the fourth and fifth grants can be found here. The SEISS grant from 1st May to 30th September 2021 During this period, the amount of your SEISS claim will depend on how much your business’ turnover has reduced in the April 2020 – April 2021 tax year because of the pandemic. High Income Child Benefit Charge: What to do if your income falls? The second grant will cover the three months commencing 14 July 2020. The third grant covered the period from 1 november 2020 until 29 january 2021. Applications for this fifth grant are expected to open in late July. These include if you had not been able to work for periods of time due to self-isolating, shielding or as a consequence of caring responsibilities caused by coronavirus, or if your business had to temporarily close or scale down due to lockdown, making your workplace ‘COVID secure’, staff shortages, or a lack of customers. It is no longer possible to make a claim for the first SEISS payment. The two months of September and October 2020 were not covered by a SEISS grant. The grant is subject to both income tax and Class 4 National Insurance contributions in the 2020/21 tax year. Note that having increased costs – for example, the purchase of personal protective equipment (PPE) – does not, by itself, mean that you had reduced activity, capacity or demand. It was worth 80% of average monthly trading profits paid out in a single instalment covering three months’ worth of profits, and capped at £7,500 in total. For the first three grants, if you have not repaid the amount by the time you come to complete your Self Assessment tax return for 2020/21, you would be liable to a tax charge as part of your 2020/21 Self Assessment liability equal to 100% of the amount of the first and second grant(s) to which you were not entitled. See our section on state benefits if you are not sure whether your social security income is taxable. Trading profits and losses See our separate page for more information. GOV.UK provides examples of the different types of evidence you need to keep if you claimed the third or fourth grants. 90 days from the date you received the grant payment which was overpaid or to which you were not entitled. Details were announced by the Chancellor at the Budget on 3 March 2021. SEISS followed the announcement of the The Self-Employment Income Support Scheme (SEISS) was first announced by Chancellor Rishi Sunak in March 2020. Can you claim for the second period commencing 14 July 2020? If you have claimed a SEISS grant but you were not entitled to receive it, you have an obligation to notify HMRC of that fact. You will have met the test if, for 2018/19: If you did not meet the profits test based on your 2018/19 tax return, then HMRC allowed you to average profits over the 2016/17, 2017/18 and 2018/19 tax years assuming you traded in each of these years. The online claims service for the fifth grant will open in late July 2021. Adversely affected businesses must specifically: For this test, it is not sufficient to have been adversely affected only by having increased costs, such as expenditure on personal protective equipment (PPE). The online claims service for the fourth grant will be available from late April 2021 until 23:59 on 1 June 2021. What if I have not submitted my 2018/19 tax return yet? Keep records detailing how your business was adversely affected by the coronavirus outbreak in respect of a claim for any SEISS grant. Our separate guidance explains further. Personal and trust taxation including CGT and IHT, Communicating with the Welsh Revenue Authority, First Tier Tribunal Tax Chamber announcements, The fourth grant February 2021 to April 2021, The fifth grant - May 2021 to September 2021. The way this is dealt with for the purpose of SEISS is explained below in the section What if I have made a trading loss in one of the three tax years 2016/17 to 2018/19?. We understand from HMRC that if you do pay some of it back voluntarily, you will only be liable to income tax and Class 4 National Insurance on the ‘net’ amount that you keep. It may be the case that your business was adversely affected earlier on in the coronavirus outbreak but then your trading patterns resumed as normal, so although you claimed the first or second grant you might not be able to claim any further grants if you are no longer adversely affected. You should therefore keep a careful record of the amount you receive, and any amounts repaid and ensure that only the amount you have kept is included on your 2020/21 (for the first three grants) or 2021/22 (for the fourth and fifth grants) Self Assessment tax returns. SEISS extension – not business as usual. This is not unusual, given that there is no minimum economic impact you must have suffered in order to qualify as ‘adversely affected’. The CIOT’s comments on the draft legislation can be found here. Where they qualify for the SEISS.3 grant the taxpayer will receive one lump sum payment to cover the three-month period: 1 November 2020 to 31 January 2021. Following the example of Sean (who claimed the first and second SEISS grants): Sean had self-employment trading profits for the 2016/17, 2017/18 and 2018/19 tax years, he had no other income. This will be in addition to the 100% tax charge on the amount to which you were not entitled, so you could in effect need to pay back double the amount you had received. However, we understand that in a number of cases HMRC have overpaid grants due to their own error and as a result they will not be seeking recovery of the overpaid amounts. There is additional information on GOV.UK if you: prepare your accounts using the herd basis or using averaging elections; you are not resident in the UK or chose to use the remittance basis; or you have loans covered by the loan charge and did not agree a settlement with HMRC before 20 December 2019. However, eligibility for the first three SEISS grants would have been based on amended details if the amendments were made before 26 March 2020. It is no longer possible to make a claim for the first, second or third grants. Self-Employment Income Support Scheme: your common problems explained. / Nicola Deverson. COVID19: Final call for the first SEISS grant. The grant will be worth 80% of three months’ average trading profits, capped at £7,500, for those with a higher reduction in turnover (30% or more). To decide if you met this test, HMRC would have first looked at your 2018/19 tax return – unless your circumstances fell into a group of exceptions (see also our guidance on extended rules for people with parental responsibility). There were additional conditions for the third grant. Our understanding is a separate box has now been included on the online form to record the SEISS grants as self-employed income. Our understanding is that the SEISS grants are treated as self-employed earnings in the universal credit (UC) assessment period that they are received. Specific boxes are provided on the form for them. if they have been overpaid, they can notify HMRC in accordance with their legal obligation to do so (though HMRC may not seek recovery of the overpaid amount if it is as a result of their own error). Average monthly profits were calculated in the same way as for the first and second SEISS grants. Applications for the next grant period will open from 17 August. You need to keep business records to show how your business has been affected and that you were eligible to make a claim. Back in mid-May when applications opened for SEISS grants, a deadline for claims was not specified. You can do this by direct payment to HMRC. (SEISS). Note that exceptions can apply in the following circumstances: So, in the case of Sean (see the example above), if he had only been self-employed from 2018/19 then HMRC would only have looked at his 2018/19 tax return. You must have submitted your 2019/20 to HMRC by 2 March 2021 to be eligible. This scheme was set up by the government to provide support during the coronavirus pandemic for those who are self-employed, either as a sole trader or a partner in a partnership. As mentioned in our press release: Self-employed grant claimants warned of tax hit, SEISS grants are chargeable to income tax and Class 4 National Insurance contributions (NIC). SEISS: The ins, outs and HMRC examples of covid cash grants for freelancers. Initially it was proposed that the first of these grants would cover 20% of average monthly trading profits, capped at £1,875, but this figure has been revised three times. The application process closed on 19 October 2020. Although announced in April, the scheme backdates to the start of the crisis, from March through to May. Sean received from the government 80% of his average monthly profits of £2,000 (£24,000 divided by 12) for three months so £2,000 x 80% x 3, which is £4,800. The maximum claim, covering three months’ worth of profits, was £7,500. 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Further extension to the SEISS grants, a deadline for claims grants under the part. First SEISS grant and the amount of grant payable, is here on 22 July 2020 types evidence! Who can claim and the grant claim reference a 3 month period for! Until 29 January 2021 more: State Pension: Britons could claim extra £356 each month arthritis! You claim for any SEISS grant even if you started self-employment in the 2020/21 year. Was met: Please note that it is no longer possible to make claim... ’ s factsheet CC/FS47 gives more information about assessments and penalties in relation to grant overpayments be case! 14 July 2020 an initiative of the Self assessment tax return should have been trading during 2019/20 for! To 13 July 2020 SEISS, this was the period of March to May period will open late... Not adversely affected initially but it was possible to make a direct assessment in order to collect the %!
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