HMRC has opened the portal for the Self-employment Income Support Scheme (SEISS), meaning taxpayers can now submit applications.
The scheme, which is accessible to those that are self-employed or a member of a partnership and have been adversely affected by Coronavirus, will allow you to claim a taxable grant of 80% of your average monthly trading profits over three years, capped at £7,500. It will be paid out in a single instalment covering three months, paid directly into your bank.
In order to access the portal, you will need to log in, or create, your Government Gateway account. You will also need your unique taxpayer reference (UTR) number and National Insurance details to hand.
In order to successfully claim the grant, you must fit into the relevant eligibility criteria:
- You traded in the tax year 2018/19 and filed your self-assessment tax return on or before 23 April 2020;
- You traded in the tax year 2019/20;
- You intend to continue to trade in the tax year 2020/21; and
- You carry on a trade which has been adversely affected by Coronavirus. Being adversely affected includes any of the following:
- Being unable to work because you are shielding, self-isolating or are on sick leave
- You have care responsibilities because of the virus
- You have reduced or temporarily stopped trading because your supply chain has been interrupted
- Your business has fewer or no customers or your staff are unable to work
Once submitted, you can’t amend your claim, but if you think there is an error you should claim the amount and request a review by HMRC through the link provided.
A huge demand is expected, so waiting times may be delayed, but if for any reason you are unable to make a claim online, claims can be processed by phoning HMRC’s SEISS helpline or using the webchat function. More information on the scheme can be found here.
With a high number of fraudulent or scam emails circulating claiming to be from HMRC, it is important to be vigilant – if you receive any calls or emails claiming to be from HMRC, offering financial help or a tax refund and asking you to click on a link or to give personal information, it is a scam.
As always, if you need any help or support on the best Government scheme for you, our team are on hand to help.