Trading profits for three years

afc9990

Trading profits for 16 -19 must be under 149,999.00 then divide by 3 years = just under the 50000.00 threshold 
Is this correct?
Grant 2500.00 x3 =7500.00 ??

calcotti

Looks correct to me. The Treasury Direction actually says equal to or less than £50,000 https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/882593/SEISS_Direction_Final_-_SIGNED.pdf

Grumpy_chap

I think they only look at the three years if you are not eligible based on just the past year (2018-19).  This is from the gov.uk website:
"To work out your eligibility we will first look at your 2018 to 2019 Self Assessment tax return. Your trading profits must be no more than £50,000 and at least equal to your non-trading income.

If you’re not eligible based on the 2018 to 2019 Self Assessment tax return, we will then look at the tax years 2016 to 2017, 2017 to 2018, and 2018 to 2019."

ffc58

I think they still do an average of  profits over 3 years 16/17 17/18 18/19 and as long as you have been self employed in 19/20.

Jeremy535897

ffc58 said:

I think they still do an average of  profits over 3 years 16/17 17/18 18/19 and as long as you have been self employed in 19/20.

Not for eligibility. If you have submitted a tax return for 2018/19, have self employed taxable trading income at least equal to 50% of total income in that year, and it is no more than £50,000, they won't look at 2016/17 and 2017/18 for eligibility. They will look at those years when working out the value of the claim.

afc9990

Thanks everyone  hopefully just under , and just qualify no work for 6 week's 

ffc58

afc9990 said:

Thanks everyone  hopefully just under , and just qualify no work for 6 week's 

 Cannot see my work in exhibitions starting up again this year !!!!.
I have my HGV  to at least earn something  have had odd days .
but may take a while for driving work to kick in.
Good Luck

Jeremy535897

ffc58 said:

Think they will  .Check the link from the OP.

Why would they? If you pass those tests for 2018/19, they don't need to look at earlier years, but they will look at them in computing the grant payable.

"Eligibility

If you have traded for all 3 years we will first look at your 2018 to 2019 Self Assessment tax return. Your trading profits must be no more than £50,000 and at least equal to your non-trading income.

If you’re not eligible based on the 2018 to 2019 Self Assessment tax return, we will then look at the tax years 2016 to 2017, 2017 to 2018, and 2018 to 2019."

As I said, they will look at all three years in computing the amount of the grant.

ffc58

Jeremy535897 said:

ffc58 said:

Think they will  .Check the link from the OP.

Why would they? If you pass those tests for 2018/19, they don't need to look at earlier years, but they will look at them in computing the grant payable.

"Eligibility

If you have traded for all 3 years we will first look at your 2018 to 2019 Self Assessment tax return. Your trading profits must be no more than £50,000 and at least equal to your non-trading income.

If you’re not eligible based on the 2018 to 2019 Self Assessment tax return, we will then look at the tax years 2016 to 2017, 2017 to 2018, and 2018 to 2019."

As I said, they will look at all three years in computing the amount of the grant.

 Sorry Jeremy .You are correct.I was on about  value of grant..

afc9990

Hi all 
Trading in 19 -20 , 55k in 18-19 45 k in 17-18 45k in 16-17 total 145k for the 3 year period 
Im thinking 145 ÷3 =48333 average? = 7500 max grant ? Think i will be out for 4 more weeks 10 in total 

afc9990

For both these requirements, the Government says it will first check your 2018/19 tax return – if you met the requirements that year, you'll be eligible.

However, if you earned more than £50,000 (or earned less than half of your income from self-employment) in 2018/19, the Government will then check your 2016/17 and 2017/18 tax returns, if you filed them for those years. If on average over the three years you earned less than £50,000 and made more than half your income from self-employment, you'll still be eligible.