Self-employment income support scheme opens early

Self-employed

 

The Treasury has formally launched the self-employment income support scheme (SEISS) for self-employed individuals or members of partnerships whose businesses has been affected by coronavirus.

 

 

The Treasury says the scheme is up and running weeks ahead of its original schedule and from 8am on 13 May, those eligible will be able to apply for a SEISS grant worth 80% of their average monthly trading profits.

 

Payments will be paid in a single instalment covering three months and are capped at £7,500. Payments are expected to land in bank accounts within 6 working days of each claim.

 

Applicants will be given a specific date and time slot on which to make their claim on a day between 13 May and 18 May, based on their unique tax reference number. Eligible self-employed individuals can check their specific date to apply on HMRC’s online checker.

 

Individuals are eligible if;

  • Their business has been adversely affected by coronavirus
  • They traded in the tax year 2019/20
  • They intend to continue trading
  • They earn at least half of their income through self-employment
  • They have trading profits of less than £50,000 per year
  • They traded in the tax year 2018/2019 and submitted their 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 average of the tax returns for 2016/17, 2017/18 and 2018/19.

 

The scheme can be found here - https://www.gov.uk/guidance/claim-a-grant-through-the-self-employment-income-support-scheme