The Government’s scheme to support the self-employed, the Self-Employment Income Support Scheme (SEISS), has now opened for claims – weeks ahead of schedule. Claims can be submitted up to 18 May, according to your Unique Tax Reference number.
Self-employed individuals or members of partnerships whose business has been adversely affected by Coronavirus can now apply for an SEISS grant worth 80 per cent of their average monthly trading profits.
Payments, which are to be given in a single instalment covering three months and capped at £7,500, are expected to reach bank accounts by 25 May or within six working days of each claim being submitted, the Government has confirmed.
Claims can be made on a specified date up to 18 May, based on your Unique Tax Reference number. HMRC has assigned eligible self-employed individuals a specific date to apply on and this can be checked on HMRC’s online checker.
You are eligible if your business has been adversely affected by Coronavirus, you traded in the tax year 2019 to 2020, intend to continue trading, and you:
- earn at least half of your income through self-employment
- have trading profits of no more than £50,000 per year
- traded in the tax year 2018 to 2019 and submitted your Self Assessment tax return on – or before 23 April 2020 for that year
HMRC calculates the amount to be paid to each eligible claimant based on an average of the tax returns for 2016/17, 2017/18 and 2018/19.
Click here to find out if you are eligible for the scheme.
HMRC has updated its guidance on how different circumstances affect claims with additional information for non-residents and those who claim the remittance basis.
If you require any assistance, please contact your usual Beavis Morgan Client Partner or email info@beavismorgan.com.
For further information about the Government measures to protect individuals and businesses, visit our COVID-19: Support for UK businesses hub.