Taxi Driver Online

(I jest but...................)


Work out your April 2020 to April 2021 turnover

(this wont be due on a SA return till Jan 31st 2022?)

In most cases, you must use the turnover reported in your 2019 to 2020 tax return as a reference year.

If your turnover is down by 30% or more
Your grant will be:
worked out at 80% of 3 months’ average trading profits
capped at £7,500

If your turnover is down by less than 30%
Your grant will be:
worked out at 30% of 3 months’ average trading profits
capped at £2,850

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Of all the things ive lost, i miss my mind the most

I suspect many drivers will be assessing their 2020-2021 tax year, and finding out what number they will submit to HMRC in respect of SEISS part 5.

I very much doubt many will be in the less than 30% and most will be in the more than 30%.

And the vast majority of them will be telling the truth.

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IDFIMH

At least 30%...lol

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Of all the things ive lost, i miss my mind the most

Part of that April 2020/21 year of Mine wont show until my January 31st 2023 accounts due to my accounting year time lag

HMRC (now inclusive of income tax, VAT and benefits instead of "vatman C&E", "taxman Inland revenue" and "DSS/DWP") have 1 joined up computer, youd think it would be very simple to connect all dates and all returns/claims in an instant but tax years run (usually April - April, VAT returns are (usually) quarterly and claims for WTC/WFTC are made in July (mainly) resulting in overlaps, fogged edges and some confusion...


SEISS grants automatically affected universal grant claims with no reporting by claimants, yet ARG payments have not...but both originated FROM HMRC, ARG went via local government WITH the caveat they were "taxable" (to be included as business income)

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Of all the things ive lost, i miss my mind the most

Basically

Estimate 2020-21 (sales)
(unless youve done the 20/21 return)
Compare to 2019-21 (sales)

how much are you down?
what will you get?
The higher grant amount if your turnover is down by 30% or more

I think most will get the 80%


TBH, your 2019-20 tax returns are in, sort the 2020-21 and put those in and its sorted

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Of all the things ive lost, i miss my mind the most

very interesting how the page for the 5th allows claimants to alter figures and get told what they will get BEFORE the actual submission, i.e. higher or lower figure vs estimated turnover for 2020/21

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Of all the things ive lost, i miss my mind the most

Indeed.

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IDFIMH

stranger yet...

overnight mine asked for only 2019-20 turnover (wanted 2018-19 yesterday) and went up £100

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Of all the things ive lost, i miss my mind the most

Surely your turnover difference between 2019/20 and 2020/21 shouldn't make any difference to the grant amount.

Other than between the 80% and the 30%.

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IDFIMH

my 2019-20 was better than 2018-19, by ONLY taking 2019-2020 my average T/O must look higher

my 2020-21 - (whilst available) isnt due in to HMRC till Jan31st so right now its an estimate..

im having a lie down now

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Of all the things ive lost, i miss my mind the most

You’ll need to provide a 12 month turnover figure for 2019-20 or 2018-19 too.

"or"

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Of all the things ive lost, i miss my mind the most

what are the staggered application dates? i know July 30th and August 5th are 2 so far

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Of all the things ive lost, i miss my mind the most

My 5th grant has just gone into my bank.

I would just like to thank Boris and Co for giving me that money, especially when I expected sweet f*** all.

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IDFIMH

Ditto.....

It'll cover the tax on the first four grants just nicely...phewwww.