According to the Self-employed Income Support Scheme pages, the following is stated regarding calculation of average profits:
Your self-employed trading profits must also be less than £50,000 and more than half of your income come from self-employment. This is determined by at least one of the following conditions being true:
having trading profits/partnership trading profits in 2018-19 of less than £50,000 and these profits constitute more than half of your total taxable income
having average trading profits in 2016-17, 2017-18, and 2018-19 of less than £50,000 and these profits constitute more than half of your average taxable income in the same period
If you started trading between 2016-19, HMRC will only use those years for which you filed a Self-Assessment tax return.
My question is this - will we be expected to use the taxable profit figures, rather than the profits as calculated in the accounts.
This may be a stupid question, and if so, I'm sure one or two may tell me that in the comments section!!
Many thanks in advance