Coronavirus Self Employment Income Support Scheme

 

HMRC have started contacting businesses who may be eligible for the Self Employment Support Scheme to check their eligibility online via the following link: 
https://www.tax.service.gov.uk/self-employment-support/enter-unique-taxpayer-reference

In order to receive quick confirmation from the eligibility checker, individuals should:
* have their Unique Taxpayer Reference (UTR) and their National Insurance Number to hand
* make sure their details are up-to-date in their Government Gateway account

Current guidance states that individuals will have to apply through THEIR OWN Government Gateway Account. If you do not have a government gateway account, please set one up as soon as possible via the following link: https://www.gov.uk/personal-tax-account

As accountants are not able to apply for this on their clients behalf, HMRC are offering free webinars to assist you with your claim, you can register for their webinar here: https://register.gotowebinar.com/rt/4081320498512977155?source=Apr-HMRC-GOV

If eligibility is confirmed then you will be given a date when you can submit a claim.

The claims service will open on 13 May 2020 – which is ahead of the original timetable.

Payments to be made by 25 May 2020 or within 6 days of making a claim.

A reminder of the basics of the scheme:
1. It applies to Sole Traders and Partnerships only, not companies
2. Must have been Self Employed in 2019-20 and intending to continue Self Employment
3. Earn at least half income from Self Employment
4. Self Employment profits less than £50,000
5. For 3 and 4 the test is made first against 2018-19 taxes and then widened to 2016-17 and 2017-18 if necessary
6. If eligible, then a grant equal to three months historic business profits calculated by averaging over 2016-17, 2017-18, 2018-19, up to a maximum grant of £7,500

 

http://www.abacni.co.uk/category/articles/