Am I elible for SEISS if trading for under 3 years?

becky3343

I started my business as a sole trader in June 2018 and have completed my 2018/19 self assessment with an income of around 10k for my first year. Does anyone know if I will be eligible for Self employed income relief? And if so, should I file my 2019/20 tax return asap and will that be taken into consideration? I made closer to 20k for that year so that should increase my average. Thanks

whizzywoo

They will take into account the trading profit from the 2018/19 year I'm afraid.  You say Income but did you have expenses?  The grant is not based on self employed income but on the trading profit shown on the tax return.

calcotti

Yes you are eligible. The 19/20 year makes no difference as it is not taken into account. All the details are here https://www.gov.uk/guidance/claim-a-grant-through-the-coronavirus-covid-19-self-employment-income-support-scheme

becky3343

whizzywoo said:

They will take into account the trading profit from the 2018/19 year I'm afraid.  You say Income but did you have expenses?  The grant is not based on self employed income but on the trading profit shown on the tax return.

Thanks for the reply. With any new business it takes a little while to get going so it's annoying that they would discount a whole years worth of very hard work. Pre-April-2019 seems like a lifetime ago 😂