advice on tax return

Discussion in 'Accounts & Finance' started by 8Abs, Jul 24, 2021.

  1. 8Abs

    8Abs UKBF Newcomer

    16 0
    Im really struggling to grasp a clear answer to my 2021 Tax return.

    in the current Tax return form it asked for trading turnover. Do i put the figure for the year ive just worked which would be 2020-2021 or tax year ending 2019-2020?

    also with the SEISS grants do they get tax on current year or added to previous year tax account?

    thx
     
    Posted: Jul 24, 2021 By: 8Abs Member since: Dec 23, 2015
    #1
  2. DWS

    DWS Contributor

    236 36
    It would depend on your basis periods and year ends, I take it because you mention the SEISS grants that you have filed tax returns for your self employment before, if so what was your year end?
    If it was 05/04/2020 then you put your total turnover between 06/04/2020 and 05/04/2021 the first 3 grants go on this return
     
    Posted: Jul 24, 2021 By: DWS Member since: Oct 26, 2018
    #2
  3. Spur Support Services

    Spur Support Services Full Member
    Contributor

    326 68
    8Abs. Your answer all depends on what your accounting year end is.

    If your Accounting Year end is 5 April then your trading income and expenses will be based on the year end 5 April 2021.
    If your normal trading year reported to HMRC is June, then your trading income for the year ended 30 June 2020 would be reported in your 2020/21 tax return.

    SEISS Grants received prior to 5 April 2021 are all included as taxable in 2020/21 even if they related to activity changes prior to that year. SEISS payments received after 5 April 2021 are taxable in the year of receipt.
     
    Posted: Jul 25, 2021 By: Spur Support Services Member since: Aug 21, 2020
    #3
  4. 8Abs

    8Abs UKBF Newcomer

    16 0
    My year end is 30th April

    so if i grasp what has been said my Tax return for 2021 would be profit up to 30th April 2020 plus SEISS grants from 4th April 2020 to 5th April 2021
     
    Posted: Jul 26, 2021 By: 8Abs Member since: Dec 23, 2015
    #4
  5. DWS

    DWS Contributor

    236 36
    Yes that is correct as long as the accounts made up to 30th April 2020 are not your first years accounts
     
    Posted: Jul 26, 2021 By: DWS Member since: Oct 26, 2018
    #5