Self Employed Grant Question

deano3

Hi, I do believe I'm eligible for the said scheme, my business started half way into year 15/16 thus profits were less then the following years. Will year 15/16 be taken into account to find an average as it will of course lower my entitlement?

Thanks in advance 

calcotti

The only years looked at are 16/17, 17/18 and 18/19.
All the information is here https://www.gov.uk/guidance/claim-a-grant-through-the-coronavirus-covid-19-self-employment-income-support-scheme

deano3

calcotti said:

The only years looked at are 16/17, 17/18 and 18/19.
All the information is here https://www.gov.uk/guidance/claim-a-grant-through-the-coronavirus-covid-19-self-employment-income-support-scheme

Thanks for your reply. 
Sorry I did mean I started in 16/17, so if they use profit from that year it is only approx 6 months of earnings and not a true reflection. 

I have looked at government info but can't find an answer, hence asking on here. Ta

whizzywoo

They will average for the three years as shown on your tax returns.  It doesn't matter that you only started part way through the first year and it will lower the average unfortunately.

Jeremy535897

True reflection or not, that is what they will use. Your self employed taxable trading profits for the 30 months will be divided by 36 to get your monthly SEISS figure, multiplied by three, multiplied by 80% to give your grant.

deano3

whizzywoo said:

They will average for the three years as shown on your tax returns.  It doesn't matter that you only started part way through the first year and it will lower the average unfortunately.

Thanks for getting back to me, that's a little frustrating. Doesn't seem fair that someone who can provide more account history then say someone with 18/19 only should be penalised. 

Jeremy535897

You are getting free money from the Government. Getting a little less of a handout than you expected cannot be described as "penalised".

deano3

Jeremy535897 said:

You are getting free money from the Government. Getting a little less of a handout than you expected cannot be described as "penalised".

Thanks for your reply, the support is most welcome however I do feel like I will be penalised for said reasons. 

Not getting into my circumstances but the difference is significant.