Self-Employed Income Support Scheme Lifeline for New Parents
Self-employed 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 self-employed income support scheme (SEISS), the government has announced.
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 the 2018/19 tax year.
The Treasury has ensured parents, including mothers, fathers 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 within 12 months of 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.
They will also need to meet the other standard eligibility criteria for support under the SEISS.
Further details of the change for self-employed parents will be set out by the start of July in published guidance and we will post the details once they are announced.
Also follow Hammond McNulty on Linked In for further updates https://www.linkedin.com/company/accountants-congleton-cheshire