While it was indicated that the government would automatically contact self-employed individuals they deemed eligible for the Coronavirus Self Employed Income Support Scheme (SEISS), HMRC is now urging those who are self-employed to check if they are eligible to make a claim.
Those who are eligible for SEISS will be able to claim a taxable grant worth 80% of their average trading profits up to a maximum of £7,500 (equivalent to three months' profits), paid in a single instalment.
Check your eligibility
Firstly, visit the HMRC website. You will need your tax reference number and National Insurance number, both of which will be on documentation received from HMRC, or on tax documentation provided by your accountant.
When you have completed this process it will tell you from what date you can make a claim.
Making the claim
You will need to make this claim directly, even if you have an accountant acting on your behalf. Unfortunately, this scheme cannot be administered by an agent such as Sheards Accountants on a taxpayers behalf.
In order to make the claim, you will need to have a Government Gateway account. If you do not have a Government Gateway account, you should create this without as soon as possible to minimise the delay on your claim being paid out.
If you complete the initial steps and you don't have a Gateway account then the link will appear for you at the end of that process to set up the gateway login.
The SEISS will be available for the self-employed to register their claim from 13 May 2020. If you are eligible, HMRC will advise the date you can make your claim from during the process.
If your claim is approved you will receive payment into your bank account by 25th May, or within 6 working days of submitting your claim.
Who should be eligible for SEISS?
You can claim if you're a self-employed individual or a member of a partnership and:
- you traded in the tax year 2018 to 2019 and submitted your Self Assessment tax return on or before 23 April 2020 for that year
- you traded in the tax year 2019 to 2020
- you intend to continue to trade in the tax year 2020 to 2021
- you carry on a trade which has been adversely affected by the coronavirus
Delaying your self-assessment tax
A reminder that you can also delay your Self-assessment payments on account due on 31 July 2020. Instead, these payments can now be made up until 31 January 2021 without penalties or interest, but remember that this payment will still be due.
In need of additional support?
If you need any further suport or guidance, please don't hesitate to contact us and we will do what we can to support you through the process.