Self employed income support

dbain7

Is the self employed income support scheme based on net income or the taxable income? If you earned just below the tax threshold would you still be eligible? 

Jeremy535897

It is based on net profit per your accounts, adjusted for tax purposes. If you set your personal allowance, for example, against that profit to reduce or eliminate the tax bill that would otherwise arise, that is not taken into account for SEISS.

comeandgo

Jeremy535897 said:

It is based on net profit per your accounts, adjusted for tax purposes. If you set your personal allowance, for example, against that profit to reduce or eliminate the tax bill that would otherwise arise, that is not taken into account for SEISS.

Is it the adjusted tax profit?  I thought it was trading profit.  So Capital Allowances would not be ignored?

Jeremy535897

That is a question that struck me when the grant details came out, but nobody else has considered it as far as I can tell. From the guidance, the common sense reading is that it is profit after capital allowances, but we can't be sure.