{"id":4285,"date":"2021-08-27T11:02:50","date_gmt":"2021-08-27T11:02:50","guid":{"rendered":"https:\/\/www.bainesjewitt.co.uk\/blog\/?p=4285"},"modified":"2021-08-27T11:02:52","modified_gmt":"2021-08-27T11:02:52","slug":"new-guidance-for-partnerships-claiming-fifth-seiss-grant","status":"publish","type":"post","link":"https:\/\/www.bainesjewitt.co.uk\/blog\/new-guidance-for-partnerships-claiming-fifth-seiss-grant\/","title":{"rendered":"New guidance for partnerships claiming fifth SEISS grant"},"content":{"rendered":"<p>HM Revenue &amp; Customs (HMRC) has clarified its guidance for members of partnerships claiming the fifth Self Employment Income Support Scheme (SEISS) grant.<\/p>\n<p><!--more--><\/p>\n<p>The changes follows the introduction of the new \u2018turnover test\u2019, requiring claimants to compare the revenue of two tax years.<\/p>\n<p><strong>What is the \u2018turnover test\u2019?<\/strong><\/p>\n<p>The level of grant you receive may now change depending on how much revenue you have lost.<\/p>\n<p>The \u201cturnover test\u201d involves working out your turnover for a 12-month period, starting on any day from 01 April 2020 to 06 April 2020, and comparing your turnover from either 2019 to 2020 or 2018 to 2019 to use as a reference year.<\/p>\n<p>Applicants with reduced turnover of 30 per cent or more are entitled to 80 per cent of three months\u2019 average trading profits, up to \u00a37,500.<\/p>\n<p>Applicants with reduced turnover of less than 30 per cent, meanwhile, are entitled to 30 per cent of three months\u2019 average trading profits, up to \u00a32,850.<\/p>\n<p><strong>What\u2019s changed for self-employed partnerships?<\/strong><\/p>\n<p>The amended guidance, found <a href=\"https:\/\/www.gov.uk\/guidance\/work-out-your-turnover-so-you-can-claim-the-fifth-seiss-grant\">here<\/a>, states that members of partnerships may need to work out their percentage share of the partnership\u2019s turnover to be eligible to claim the fifth grant.<\/p>\n<p>\u201cIf you were a member of the same partnership in your reference year and in April 2020 to April 2021 and had no other businesses in either of those years, you\u2019ll need to work out and use the partnership\u2019s total turnover figure,\u201d the guidance reads.<\/p>\n<p>\u201cIf you were a member of the same partnership in the tax year 2019 to 2020 and in the period April 2020 to April 2021, and you also had other businesses at any time in either of those periods, you\u2019ll need to work out and include your percentage share of the partnership\u2019s turnover.\u201d<\/p>\n<p><strong>How do I work out my percentage share of the partnership?<\/strong><\/p>\n<p>The percentage share of the partnership will be the same as the percentage of profit you took from the partnership in your reference year, even if your profit share percentage changed after your reference year.<\/p>\n<p><strong>For help and advice with related matters, please get in touch with our team today.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>HM Revenue &amp; Customs (HMRC) has clarified its guidance for members of partnerships claiming the fifth Self Employment Income Support Scheme (SEISS) grant.<\/p>\n","protected":false},"author":2,"featured_media":4287,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,30,56,31,60,79,112,101,99,84,57,109,86,50,120,87],"tags":[],"_links":{"self":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts\/4285"}],"collection":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/comments?post=4285"}],"version-history":[{"count":1,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts\/4285\/revisions"}],"predecessor-version":[{"id":4286,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts\/4285\/revisions\/4286"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/media\/4287"}],"wp:attachment":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/media?parent=4285"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/categories?post=4285"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/tags?post=4285"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}