Coronavirus Self-Employment Income Support Scheme
HMRC has started to contact individuals who may be eligible for its coronavirus (COVID-19) Self-employment Income Support Scheme (SEISS).
Individuals 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. This will be paid in a single installment, according to HMRC.
The SEISS claims service will open on 13 May and aims to ‘help millions of self-employed people, covering a wide range of industries and jobs, whose livelihoods have been adversely affected by the coronavirus’.
HMRC stated that the SEISS claims process will be simple, and eligible taxpayers will have the money paid into their bank account by 25 May, or within six working days of completing a claim.
Taxpayers can go online and check their eligibility for the SEISS Individuals should have their Unique Taxpayer Reference (UTR) and their national insurance number to hand, and make sure their details are up to date in their Government Gateway account.
As your accountants, we can guide you through the Coronavirus Self-Employment Income Support Scheme eligibility criteria and the process for checking and claiming. Please contact us for more information.