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Entitlement to SE grant based on 2018/19 alone?

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From theBBCsummary:

-Self-employed people will be able to apply for a taxable grant to cover 80% of average monthly profits over the last three years

-Support will be capped at £2,500 per month, available to those with with a trading profit of less than £50,000 last year

-More than half of a claimant's income needs to come from self-employment, and they must have a tax return for last year

Therefore, is the following conclusion correct?

Sole trader profits 2018/19 <£50k

Average sole trader profits last 3 years >£50k, but still qualifies for £2,500/month grant?

Replies (6)

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By SXGuy
26th Mar 2020 18:47

No one knows.

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bike
By FirstTab
26th Mar 2020 19:04

Hi RL My understanding (Others please check and correct me) :

Sole trader profits 2018/19 <£50k - YES Grant 80% taxable profits.

OR

Average sole trader profits last 3 years <£50k, still qualifies for £2,500/month grant? 80% of taxable profits.

More than £50k profits £2500 grant max.

More than 50% of income from Self employment.

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Replying to FirstTab:
Psycho
By Wilson Philips
26th Mar 2020 19:12

Hold on while I contact the Treasury

Thanks (1)
bike
By FirstTab
26th Mar 2020 19:17

"The scheme will be open to those with a trading profit of less than £50,000 in 2018-19 or an average trading profit of less than £50,000 from 2016-17, 2017-18 and 2018-19."

https://www.gov.uk/government/news/chancellor-gives-support-to-millions-...

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By ireallyshouldknowthisbut
26th Mar 2020 19:40

I listened to the Q&A's after the speech and Rishi said if there was only one year of accounts filed, they would use that data.

Clearly that's not going to be official until we see the guidance etc.

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