Questions and Answers
Self-Employment Income Support Scheme: what is meant by profits?
I think I may be eligible for the Self-Employment Income Support Scheme, as the guidance says my trading profits must be less than £50,000. What is meant by ‘profits’? Are these the sales that I make?
Profits, in general terms, are your sales minus expenses. However, HMRC will look at the profit figure declared on recent tax returns. This will reflect sales minus expenses, but there will likely be further adjustments made before arriving at the final figure. If in doubt you should check your tax returns to establish the overall profit declared on your Self Employment pages. If in doubt you should speak to an accountant.
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Date published 7 Apr 2020
This article is intended to inform rather than advise and is based on legislation and practice at the time. Taxpayer’s circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this article, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.
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