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Due to Covid-19 my self-employed turnover is nil

I need advice filling self-assessment form

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I work in the international travel industry but due to Covid-19 the borders are still closed and all my business for 2020/21 have been cancelled/postponed. So I had zero income/turnover in the year 2020/21. How do I fill my self assessment for this period as I've been impacted by Covid? Can I put zero in the turnover? What about my expenses? Although I didn't have an income I did have some costs. Please advise. Thank you

Replies (13)

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By SXGuy
29th Jul 2021 19:49

If you are continuing the trade then yes you'd put zero as turnover and add your expenses.

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Replying to SXGuy:
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By Reggie65
29th Jul 2021 22:15

Thank you, SXGuy.
Yes, I'll continue trading.
Because there was no profit in 20/21 shall I get tax relief from my expenses in the next assessment ?

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Replying to Reggie65:
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By SXGuy
30th Jul 2021 07:04

No. The loss will reduce the tax due on seiss. Unless the total is under the PA.

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By Leywood
29th Jul 2021 20:36

So you had no support/grants.

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Replying to Leywood:
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By Reggie65
29th Jul 2021 22:16

I received Seiss but it will go in a separate box in the self assessment form. It can't be added to the turnover box.

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Replying to Reggie65:
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By Leywood
29th Jul 2021 22:20

Therefore your statement about having no income was incorrect.

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Replying to Leywood:
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By Reggie65
29th Jul 2021 22:49

When I said no income I meant to say that nothing was invoiced for the period 20/21.
I do understand that the grant will count as income when looking at the threshold for Class 2 NIC purposes.

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Replying to Reggie65:
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By AdamMurphy
30th Jul 2021 08:44

Not just Class 2…….

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By paulhammett
29th Jul 2021 21:38

Leywood’s response was a question. Did you not receive any covid grants in 2020/21?
Just to be clear, if you did receive any, they are taxable.

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Replying to paulhammett:
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By Reggie65
29th Jul 2021 22:17

I am aware that the government grant is taxable.

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By fawltybasil2575
29th Jul 2021 22:18

@ Reggie65.

It would assist please if you would kindly indicate the (estimated figures will suffice) figures for (a) SEISS income, (b) Allowable Expenses, and (c) Capital Allowances.

Basil.

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By pauld
29th Jul 2021 22:51

Your expenses will be set off against SEISS grants 1 2 and 3. So nil turnover less expenses plus grants = Taxable income.

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DougScott
By Dougscott
02nd Aug 2021 15:16

It can also sometimes be beneficial to change your accounting date in order to maximise personal allowances/loss relief but you would need an accountant to look at your figures for that.

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