I have now received more information from HMRC regarding claiming the Self Employment Income Support Scheme.
Please note the scheme is not open at the date of publishing this post.
Accountants and Agents are unable to complete this claim on your behalf. You will need to complete the claim through your own HMRC sign on. If you don’t have one you can apply for this at:
Register with HMRC
Below is a summary of useful information regarding the scheme. Please bear with me as there is quite a lot of information here.
Who is Eligible?
You are able to claim on this scheme if you or your business have been adversely affected by Coronavirus and have trading profits of below £50,000.
You will need to have been trading since the 2018-2019 Tax Year, have traded in 2019-2020 and intend to continue trading in the current tax year, 2020-2021.
You can have been adversely affected by coronavirus if you are unable to work sue to Shielding, Self Isolating, on Sick Leave due to Coronavirus or have caring responsibilities due to coronavirus.
Alternatively, if you have had to scale down or stop trading due to the virus, for example you cant get hold of stock, your customers/clients have decreased or your staff are unable to come into work.
Check if you can claim
HMRC have launched an online claim checker, for which you will need your UTR (Unique Tax Reference) and National Insurance Number.
Both of these can be found on the front page of your Tax Return but if you need me to send these over please drop me and email and I will do so.
Please go to HMRC SEISS Online Tool
Enter in your UTR and select Continue
Next enter your National Insurance Number and select Continue
You will instantly be told if you can claim and at what point you can claim, for example:
Once you select Continue you will need to sign in using your Government Gateway.
Enter your email address and mobile number, select Continue, check you have everything right then select Submit.
You should then get a screen, as below, and you are all ready to make the claim after the time shown.
The contact details entered will be used to remind you when you are able to submit.
If you are not eligible, once you have completed the online tool you will be able ask HMRC to review this.
How Much Will I Get?
The amount you get will be the average monthly trading profits based on an average of your Tax Returns for 2016 to 2017, 2017 to 2018 and 2018 to 2019.
The grant will be 80% of your average monthly trading profits, for 3 months, to a maximum of £2,500 per month, paid in one instalment.
HMRC will calculate the amount due from your submitted Tax Returns.
What Information Do I Need To Claim?
When the time comes around to claim you will need:
- UTR (Unique Tax Reference)
- National Insurance Number
- Government Gateway User Name and Password
- Bank Account Number and Sort Code for the payment to be made to
You will need to confirm that your business has been adversely affected by Coronavirus.
Once you have made the claim you will be told straight away if you have been successful and if so you should receive the money within 6 working days.
Remember to keep details of your claim, including and proof that your business has been affected by Coronavirus. This will form part of your usual accounting records that you need to keep.
You will need to declare this income on your Personal Tax Return, as it is a taxable grant, so I would suggest keeping a print out or PDF of your claim and including it with your Tax Return records when you send them to me. If you can also let me know if you have made a claim and how much you have received I will keep a note for when I am completing the 2020-2021 Tax Return.
I hope the above is of use, and as always if you have any questions please do let me know and I will help as much as I can.
All of the above can be found at HMRC SEISS Information