HMRC announced on 4th May that it has begun contacting self-employed individuals who may be eligible for the Self-Employment Income Support Scheme (SEISS).
Those 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.
Self-employed people, or their agents, have also been told they can go online and check their eligibility for SEISS.
To enable swift confirmation from the eligibility checker, individuals should:
• Have their Unique Taxpayer Reference (UTR) and their National Insurance Number to refer to
• Ensure their details are up to date in their Government Gateway account
Once this is done, eligible people will be given a date for when they can make their claim.
SEISS claims service opens 13th May
The claims service for SEISS will launch on 13th May and is expected to help millions of self-employed people, covering a wide range of sectors and jobs, whose income have been seriously impacted by the coronavirus lockdown.
HMRC says the claims process will be simple, and those eligible for SEISS should have the funds paid into their bank account by 25th May, or within six working days of completing their claim.
Who is eligible for SEISS?
Self-employed individuals are eligible for SEISS if their business has been adversely affected by the COVID-19 pandemic, traded in the tax year 2019 to 2020, plan to continue trading, and:
• Self-employment work accounts for at least half of their earnings
• Have trading profits of no more than £50,000 a year
• Traded in the tax year 2018 to 2019 and submitted their Self-Assessment Tax Return on or before 23rd April 2020 for that year.
HMRC will use information that taxpayers have provided in their 2018 to 2019 tax return – and returns for 2016 to 2017 and 2017 to 2018 where needed – to determine their eligibility and is contacting those who may be eligible via email, text message or letter.