Self-employed new parents whose trading profits dipped in 2018/19
because they took time out to have children will be able to claim for a payment
under the SEISS. The scheme requires claimants to have traded in 2018/19 with
their profits making up at least half of their total income. They must also
have submitted a self-assessment tax return on or before 23 April 2020 for that
tax year. Parents, and those who have adopted, who took time out of trading to
care for their children within the first 12 months of birth of the child or an
adoption placement, will now be able to use either their 2017/18 or both their
2016/17 and 2017/18 self-assessment returns as the basis for their eligibility
for the SEISS. Further details are expected to be set out in July.
Self-employed new parents whose trading profits dipped in 2018/19
because they took time out to have children will be able to claim for a payment
under the SEISS. The scheme requires claimants to have traded in 2018/19 with
their profits making up at least half of their total income. They must also
have submitted a self-assessment tax return on or before 23 April 2020 for that
tax year. Parents, and those who have adopted, who took time out of trading to
care for their children within the first 12 months of birth of the child or an
adoption placement, will now be able to use either their 2017/18 or both their
2016/17 and 2017/18 self-assessment returns as the basis for their eligibility
for the SEISS. Further details are expected to be set out in July.
