Can a partner claim a grant through the Self-employment Income Support Scheme?

The Self-employment Income Support Scheme grant is available to self-employed individuals and members of partnerships. If trading through a partnership then the grant is to be claimed separately by each member and eligibility is based on each member’s own profit share from that partnership.

Therefore, the £50,000 limit will be based on your own profit share, as declared on your own personal tax returns. If your profit share was more than £50,000 in 2018/19, then you need to work out the average profit declared on your 2018/19, 2017/18 and 2016/17 tax returns. If that average is also more £50,000 then you will not be able to claim the grant.

There are additional eligibility conditions that must be met:

• Self-employment profits must be your main source of income (over 50% of the total income declared on your tax returns).
• You must have traded in the tax year 2019/20 and are trading when you apply, or would be if it wasn’t for the Coronavirus.
• You intend to continue trading in the 2020/21 tax year.
• You have lost profits due to the coronavirus.

We have further information on how much you may be able to claim in our dedicated page here.

 

For our latest COVID-19 news and guidance for your business, visit our dedicated Coronavirus Hub.
We will be updating it regularly as we continue to monitor and digest all the latest information

 

Date published 16 Apr 2020 | Last updated 25 Sep 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.