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SEISS client is told they are not eligible II

Individual made a loss in 2018/19

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Received a letter from HMRC this morning telling me that a sole trader client (who has been in business for many years) isn't eligible for SEISS as he made a loss in 2018/19. He had made profits of less than £50,000 for each of 2016/17 and 2017/18.
I was under the impression that profits and losses would be averaged over the three years and, if the average was positive, an SIESS payment would be calculated based on this average.
Is this not the case?

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By Mr_awol
01st Jun 2020 11:57

What were the trading profits/losses for each of the three years?

What was the total taxable income for each of the three years?

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By fawltybasil2575
01st Jun 2020 11:57

@ Cuchulainn (OP)

In intending no offence, could you perhaps please provide us with the EXACT wording from the HMRC letter, since your understanding is correct (and I wish to remove from my mind the possibility that you have misinterpreted the HMRC letter and/or the legislation).

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