SEISS - Trading Profit v Non-Trading Income

MinersStandard

Using HMRC’s online tool I’m ineligible for Self-Employment Income Support Scheme as my non-trading income exceeds my trading profit. However, all of my ‘non-trading income’ is from a private pension. Surely that can’t be right?

alik74

Hi I receive bereavement benefit, if this exceeds more than 50% of my profits does this mean I am not eligible for the scheme???

Jeremy535897

MinersStandard said:

Using HMRC’s online tool I’m ineligible for Self-Employment Income Support Scheme as my non-trading income exceeds my trading profit. However, all of my ‘non-trading income’ is from a private pension. Surely that can’t be right?

If your self employed taxable trading income is less than your other taxable income (including pensions), both in 2018/19, and over the period 2016/17 to 2018/19 (assuming you were trading for these three years), it is correct.

Jeremy535897

alik74 said:

Hi I receive bereavement benefit, if this exceeds more than 50% of my profits does this mean I am not eligible for the scheme???

If your self employed taxable trading income is less than your other taxable income (including pensions), both in 2018/19, and over the period 2016/17 to 2018/19 (assuming you were trading for these three years), you will not be entitled to SEISS. If it is only 50% of self employed taxable trading income, you can claim, provided you meet all the eligibility criteria..