.png)
.png)
HMRC has begun contacting individuals who may qualify for the government’s self-employment income support scheme (SEISS). Those who are eligible 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.
Taxpayers should have their unique taxpayer reference and their National Insurance number to hand when checking their eligibility and should make sure their details are up to date in their government gateway account.
After the online check is complete, those eligible will be given a date when they can submit their claim.
The claims service opened on 13 May and payments will be made into claimants’ bank accounts by 25 May, or within six working days of completing a claim.
Individuals are eligible if their business has been adversely affected by coronavirus, they traded in the tax year 2019-20, intend to continue trading, and:
- earn at least half of their income through self-employment;
- have trading profits of no more than £50,000 a year;
- traded in the tax year 2018-19 and submitted their self-assessment tax return for that year on or before 23 April 2020.
The Treasury has published a direction under Coronavirus Act 2020, s 71 and 76 setting out the legal framework for the SEISS. It defines the purpose of the scheme, qualifying claims and persons.
HMRC SEISS information: tinyurl.com/seiss4may; HMT legal framework: tinyurl.com/hmtseissdir
