A client, who did have a taxable profit over £50,000 in the 2019-2020 tax year has found the following on the HMRC website https://www.gov.uk/guidance/claim-a-grant-through-the-coronavirus-covid-...
Stage 2: Tax returns and trading profits
You must have:
submitted your 2019 to 2020 tax return on or before 2 March 2021
trading profits of no more than £50,000
trading profits at least equal to your non-trading income
If you’re not eligible based on the trading profits in your 2019 to 2020 return, we’ll look back at previous years. (This is what caught his eye.)
How do the results of the previous years come into the reckoning? Does the fact that he had profits in excess of £50,000 in 2019-2020 disqualify him immediately?