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Self employment grant help

I claimed but an accountant friend said I shouldn't have be eligible.

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My 2 question's are was I eligible for the grant and will I be asked to repay it?

My 18/19 profit was £45,000. My turnover early in 20/21 was down by about 15% and I had one employee who was unable to work for 3 months due to shielding. I claimed grant 1 and grant 2.

I had a pleasant bounce back from September onwards and now my profit looks like it might reach £55,000 this year plus the grant. I genuinely didn't forsee this. I picked up one particularly big client that has generated £25,000 profit for me in 4 months. I also took on some part time employment work during the first lockdown and earned about £8,000.

My 19/20 accounts were done in October and I made £65k profit in that year. My accountant friend said because my profit in 19/20 was over £50,000 that I wasn't eligible for the grant. Is this true? HMRCs eligibility checker said I was eligible.

Replies (5)

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By Matrix
13th Jan 2021 08:28

No, don’t believe what they say.

You would not have received the grant if you had not met the eligibility criteria (19-20 is not relevant).

Provided you are satisfied that you were adversely affected when you made the claims then I don’t see how you have not met the conditions.

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13th Jan 2021 09:10

Your accountant "friend" sounds like the "man down the pub". Spouting a load of tosh.
I'm glad he is not my accountant.

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By Paul Crowley
13th Jan 2021 09:42

Agree both
You really ought to get an accountant that keeps himself up to date.
If he got this wrong, what else does he fail to understand?

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By jonharris999
13th Jan 2021 10:38

All the advice going one way here, and it's correct.

You were eligible for rounds 1 and 2 from everything you have told us.

For round 3, what matters is not how this year compared to last, but whether you reasonably believe that your trading income from Nov-Jan was lower than it would have been if there had been no Covid.

It is possible that for round 4, about which there are no details yet, there may be a £50K condition relating to 19/20, so when that round opens you might not be eligible for it, but we'll have to wait and see.

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By lionofludesch
13th Jan 2021 11:02

"I genuinely didn't foresee this."

Whilst I don't entirely agree with all the rationale posted above, this sentence is the key. You claim based on how you saw things at the time. Nothing to see here. Move on.

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