05 May Self Employment Income Support Scheme
HMRC have now released further information regarding the Self-employment Income Support Scheme (SEISS). The scheme applies to sole traders and members of partnerships only.
The scheme will allow you to claim a taxable grant of 80% of your average monthly trading profits, paid out in a single instalment covering 3 months, and capped at £7,500 altogether. This is a temporary scheme, but it may be extended.
If you receive the grant you can continue to work, start a new trade or take on other employment including voluntary work, or duties as an armed forces reservist.
Is My Business Eligible?
HMRC will work out if you’re eligible and how much grant you may get. But you can follow these steps to help you understand how HMRC will do this and what you can do now.
You can use the HMRC online tool:
to find out if you are eligible to make a claim. You will need your Self Assessment Unique Taxpayer Reference (UTR) number and your National Insurance number.
If you are eligible, HMRC will tell you the date you’ll be able to make a claim from and ask you to add your contact details. HMRC will use these to remind you when the online service will be available.
If HMRC have told you that you are not eligible to make a claim, you can ask HMRC to review this after you’ve used the online tool. If you want to do this at a later time, you’ll be able to use the online tool more than once.
How to claim
HMRC have advised that your tax agent or adviser cannot make the claim for you. You must make the claim yourself, but you can contact Kneeshaws if you need any help or support.
The online service will be available from 13 May 2020. If you are eligible, HMRC will tell you the date you can make your claim from. If your claim is approved you will receive your payment within 6 working days. If you are unable to claim online an alternative way to claim will be available, HMRC have not yet provided any further information on this.
DO NOT CONTACT HMRC NOW, as this will only delay the urgent work being undertaken to introduce the scheme.
To make your claim you will need your Self Assessment UTR, National Insurance number, Government Gateway user ID and password (if you do not have a user ID, you can create one when you check your eligibility online), and the bank account number and sort code you want HMRC to pay the grant into.
Once you’ve submitted your claim, you will be told straight away if your grant is approved. HMRC will pay the grant into your bank account within 6 working days.
You must keep a copy of all records in line with normal self-employment record keeping requirements.
For further information please go to the following website: