I am acting for a self-employed construction professional whose work was affected by COVID, i.e. he had to reduce signifficantly his workload due to health risks. So far so good, self-employed TO and profits are down more than 50%.
Also during the tax year 20-21 he bought into an LLP as a sleeping partner and received a profit share. This profit share brings his income to roughly the same level as he had from self-employment during the tax year 19-20.
I understand that receipt of LLP profit share will preclude him from claiming SSEIS 5 as his overall TO from self-employment + LLP profit share will exceed his self-employed TO for the tax year 19-20.
Looking for confirmation of my understanding.