Self-employed individuals or members of partnerships whose business has been adversely affected by coronavirus will be able to apply for a Self-Employment Income Support Scheme (SEISS) grant worth 80% of their average monthly trading profits.
Millions are expected to benefit from the scheme with the payments – to be paid in a single instalment covering three months and capped at £7,500 – expected to land in bank accounts within six working days of each claim.
Everyone eligible for the SEISS, which is one of the most generous support schemes announced by any government in response to coronavirus, will be able to receive the government grant by 25 May, or within six days of a completed claim.
Maria said “I welcome this important scheme to support Basingstoke constituents who are self-employed, providing a much needed lifeline during these challenging times.”
From today, people will be able to make their claim on a specified date between 13-18 May, based on their Unique Tax Reference number. HMRC has assigned eligible self-employed individuals a specific date to apply on and this can be checked on HMRC’s online checker.
The SEISS it part of a comprehensive package of support for self-employed people, including Bounce Back loans, income tax deferrals, rental support, increased levels of Universal Credit, mortgage holidays and the various business support schemes the government has introduced to protect businesses during this time.
Individuals are eligible if their business has been adversely affected by coronavirus, they traded in the tax year 2019 to 2020, intend to continue trading, and they:
· earn at least half of their income through self-employment
· have trading profits of no more than £50,000 per year
· traded in the tax year 2018 to 2019 and submitted their Self Assessment tax return on or before 23 April 2020 for that year
HMRC calculate the amount to be paid to each eligible claimant based on an average of the tax returns for 2016/17, 2017/18 and 2018/19.
Customers have been invited to claim their SEISS grant on a specified date, from 13 - 18 May. They won’t be able to apply before their claim date but can make a claim after that day.
People can check their date using HMRC’s online checker at any time.
For further information, please read HMRC’s guidance or speak to your tax agent. If you need further support, please use HMRC’s webchat service or call the Covid-19 Helpline on 0800 024 1222.