The Self-Employment Income Support Scheme allows those in Partnerships as well as Sole Traders that have been adversely affected by COVID-19 to claim a taxable grant of 80% of their average monthly trading profits, paid out in a single instalment covering three months, and capped at £7,500 altogether. Individuals can apply for this first grant until 13th July 2020. Those that are eligible will have the money paid into their bank account within six working days of completing a claim.
Check if you are eligible to claim
You should use HMRC’s online tool to find out if you’re eligible to make a claim. Please click here. You will need your:
1. Self Assessment Unique Taxpayer Reference (UTR) number. This is your unique ten digit reference number with HMRC that is used to file your tax return and make tax payments. You will find it on copies of your tax return, payment advice or correspondence from HMRC.
2. 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. They will then use the contact details to remind you when the online service will be available. When checking your eligibility you will need to enter contact information and set up a Government Gateway account for HMRC to communicate directly with you. This is straightforward and the steps are outlined on the website.
How to claim
You can check your eligibility and provide details to set up your Government Gateway account today. If you’re eligible, HMRC will tell you the date you can make your claim from. If your claim is approved you’ll receive your payment within six working days.
When you subsequently make your claim, following the date advised by HMRC, you will need your:
- Self Assessment UTR
- National Insurance number
- Government Gateway user ID and password – as per above, you may not have a user ID, you can create one when you check your eligibility online (follow the previous link)
- Bank account number and sort code you want the grant paid into. This must be a bank account where a Bacs payment can be accepted)
The Self Employment Income Support Scheme (SEISS) has been extended with a second grant available from 17th August 2020.
This scheme is being extended until 19 October 2020. You’ll be able to claim a second and final grant from 17 August 2020 when the online service will be available.
Eligible individuals (Sole Traders/ Partners) can apply for a second taxable grant worth 70% of their average monthly trading profits, capped at £6,750 for the three months, this will also be paid out on a single instalment.
If you make a claim for the second grant you will have to confirm your business has been adversely effected on or after 14 July 2020.You do not need to have claimed the first grant to be eligible for the second (if for example your business is only adversely affected by COVID19 in this later phase).
You can find more about the government grant for the self-employed and the eligibility criteria on our website by clicking here and on HMRC’s website here.
If you cannot access HMRC online you can contact them by phone and they will process the application.
To discuss your own circumstances contact Angela Keery by email angelakeery@bakertillymm.co.uk or Tel: 028 9032 3466.