The government have announced that self-employed parents whose trading profits dipped in 2018/2019 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 scheme requires claimants to have traded in 2018/2019 with their profits making up at least half of their total income, and have submitted a self-assessment tax return on or before 23rd April 2020 for the 2018/19 tax year.
HM 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 be able to use their 2017-18 or both their 2016-17 and 2017-18 self-assessment returns as the basis for their eligibility for SEISS.
They will also need to meet the other standard eligibility criteria. Further details of the change is to be set out for July in published guidance.
SEISS has had 2.6million claims and has been extended, with those eligible to claim a second final grant in August 2020.