Details on how the Self-Employed Income Support Scheme works. In this blog I will be explaining who is entitled to claim under the Self-Employed Income Support Scheme and how to access that support
Who can make a claim and what are the criteria?
a) The self-employed (including members of partnerships and LLPs)
b) You must have traded before the 2019-20 tax year.
c) Must be continuing to trade or would be but for the Coronavirus
d) Must be intending to trade in 2020-21 tax year.
e) Trading profits must have been adversely affected by Coronavirus.
f) Trading profits must be no more than £50,000 AND be more than half of your total income for either:
i) 2018-19 tax year
ii) The average of the tax years 2016-17, 2017-18 and 2018-19.
g) The claim will be 80% of the trading profit up to a maximum of £2,500 per month.
h) The scheme is set to run for 3 months
What happens next?
1. HMRC are contacting the ‘eligible’ self-employed. During the application process the individual should be presented with a calculation of the grant amount.
2. There is no option to claim a reduced or increased amount.
3. If you disagree with the amount there is a ‘review’ link to request that HMRC review the figure.
Can your accountant/tax advisor help you with the claim?
– Your agent cannot make the claim for you they can only assist you in doing so.
– The tax payer must have a Government Gateway ID and password. If you do not have one you need to obtain one through the Eligibility Tool – https://www.tax.service.gov.uk/self-employment-support/enter-unique-taxpayer-reference
– claims are made via the link shown below: –
If you have not received any notification from HMRC then we recommend that you log onto the eligibility checker rather than wait for correspondence that may never turn up. We are also aware that the eligibility checker has in some cases not given the correct results so if you believe that the information you are getting from HMRC is not correct, start the review process
Claims can be made from today, 13th May so we recommend that you start the process straight away using the guidance given above.
If you are having difficulty in making your claim then we are here to help so just email us on firstname.lastname@example.org and we will look into your case immediately.