Self employed income support scheme

rbwatkinson3

Hello,

I have today filled in the online form on HMRC website to see if I am eligible for the self employed income support scheme and have been told I am. Just wanted to see if someone could help further..

I have been registered self employed for the last 3/4 years and have sent the last 3 years worth of tax returns, the first two were completely self employed income only as a Barber. From year 3 I took on a PAYE job in a military camp so am still working there currently during Covid. My income from this is now more than my self employed income but I still rely on my barbering self employed work to pay my bills etc. I’ve read how to claim and it states your SE income must be your majority income which this isn’t now but the two tax returns before that have been. Can I still claim and if so, how will this be worked out? I’ve been told I’m eligible but can’t claim till 14th May. Appreciate any help!

Jeremy535897

If your self employed trading profit for 2016/17, 2017/18 and 2018/19 added together are at least equal to your other taxable income for those 3 years, you should be eligible, if you meet all the other criteria.

rbwatkinson3

Jeremy535897 said:

If your self employed trading profit for 2016/17, 2017/18 and 2018/19 added together are at least equal to your other taxable income for those 3 years, you should be eligible, if you meet all the other criteria.

Do they take SE income total? Or gross profit?

whizzywoo

rbwatkinson3 

Do they take SE income total? Or gross profit?

Taxable profit.

rbwatkinson3

whizzywoo said:

rbwatkinson3 

Do they take SE income total? Or gross profit?

Taxable profit.

All 3 years of tax returns, after my expenses my profit has been below the taxable amount? I pay NI still. What does that mean to my claim?

whizzywoo

Your taxable profit figure doesn't mean that you have to have  paid tax on it.

For example your taxable profit might be £10,000 in a tax year. But if your personal allowance is £12,500 then you will not have paid any tax.

It won't affect your claim. 

rbwatkinson3

whizzywoo said:

Your taxable profit figure doesn't mean that you have to have  paid tax on it.

For example your taxable profit might be £10,000 in a tax year. But if your personal allowance is £12,500 then you will not have paid any tax.

It won't affect your claim. 

Amazing. Fingers crossed then I am able to claim still! Thankyou very much for your messages, stay safe!