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Sole Traders: Profits

Treasury written question – answered on 11th May 2020.

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Photo of Greg Smith Greg Smith Conservative, Buckingham

To ask the Chancellor of the Exchequer, what estimate he has made of the number of sole traders who made average profits of between (a) £50,001 and £60,000, (b) £60,001 and £70,000, (c) £70,001 and £80,000 and (d) over £80,000 in the UK over the last three years.

Photo of Jesse Norman Jesse Norman The Financial Secretary to the Treasury

HMRC have examined their data systems and because of the way the data is held, they cannot construct an average of sole trader profits over several years for such a large group within the resource constraints for a Parliamentary Question.

HMRC are using Self-Assessment data to identify those eligible for the Self-Employment Income Support Scheme (SEISS), and aim to contact those eligible by mid-May 2020.

Eligibility for the SEISS is based on average trading profits for sole traders and income from partnerships. More information on the eligibility criteria can be found here: https://www.gov.uk/guidance/claim-a-grant-through-the-coronavirus-covid-19-self-employment-income-support-scheme.

Those with average profits above £50,000 are not eligible for SEISS but could still benefit from other support. The SEISS supplements the significant support already announced for UK businesses, including the Coronavirus Business Interruption Loan Scheme and the deferral of tax payments. More information about the full range of business support measures is available at www.businesssupport.gov.uk/coronavirus-business-support/

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