Business Man Saving Money

The latest announcement from the government over the Self Employed Income Support Scheme (SEISS) has confirmed that self-employed people who have just become parents will be eligible for it.

Previously, anyone who is a sole trader and had to take time away from their business during the 2018/19 tax year due to the birth of a child faced losing out on this support. That is because eligibility for SEISS requires a minimum of 50% of the applicant’s income for that tax year to have come from business profits, which penalised those whose profits fell during that period because they were parenting a child.

Now the Treasury is stating that the tax return for the previous year – or the two previous years, depending on how long they have been trading – will be used in calculating SEISS grants for people in that position.

However, new parents with their own business will still be expected to be able to meet the remaining criteria for claiming one of the SEISS grants. The government is stating that it will provide more detailed information about the changes to the rules for new parents who are self employed in guidance notes to be published at the start of next month.

Should that guidance information from the government not clarify things enough for those in this position, they may decide to seek professional advice from an accountant for sole traders in South Yorkshire or whichever area they live in to make sure they do not lose out.

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