SELF EMPLOYED INCOME SUPPORT SCHEME

Friday, 17 April 2020 14:59 Last Updated on Friday, 17 April 2020 14:59 Written by admin

In order to be eligible for the grant, claimants will have to have filed a tax return for 2018/19, have continued to trade into the tax year 2019/20, intend to continue to trade into the tax year 2020/21 and be trading when the application is made, or would have been trading had the coronavirus outbreak not occurred. Claimants also must have lost trading profits due to coronavirus.

Trading profits need to be no more than £50,000 and more than half of the individual’s total income for either:

the tax year 2018/19, or
the average of the last three tax years’ ie 2016/17, 2017/18 and 2018/19

Trading profits will be calculated by taking total trading income from the tax returns and deducting allowable business expenses and capital amounts

No amounts will be deducted for losses from previous years or for an individual’s personal allowance.

Where there is more than one trade all profits and losses from the trades will be added together.

Total income

Total income will comprise income from:

earnings
trading profits
property income
dividends
savings income
pension income
miscellaneous income including social security income

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