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SEISS 5 query

2020/21 turnover

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Following Covid my cient received a local authority grant which clearly has to be excluded from his 2020/21 turnover for SEISS 5 comparison purposes. But (lucky him) he also made a successful consequential loss insurance claim re the effect of Covid.  Should this be included in his 2020/21 turnover for comparison purposes?

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By Truthsayer
19th Jul 2021 16:47

No, it's not turnover.

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By John Stone
19th Jul 2021 17:33

If its compensation for loss of turnover - then where would you put it in the accounts?

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By Leywood
19th Jul 2021 18:34

Is it for loss of turnover?

Or loss of profits?

Or?

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By John Stone
19th Jul 2021 18:48

That's academic. The business is a small partnership. There is a choice of two boxes only on the Partneship Tax Return - Box 3.24 (Turnover, Covid Grant's etc) or 3.25 ( expenses). The insurance proceeds went into Box 3.24. I am now considering turnover for SEISS 5 purposes. Does it go or doe it stay?

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By Bobbo
19th Jul 2021 18:56

It's still not turnover.

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By John Stone
19th Jul 2021 19:19

So - is the consensus that for the purposes of SEISS 5 I should deduct both local authority grants AND insurance monies from the box 3.24 total in order to arrive at a 2020/2021 turnover figure when advising the client in connection with his claim?

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