Who will qualify?
Individuals who completed a 2019 self-assessment tax return, whose majority of income was self-employed profits.
- You must have submitted your 2018/19 Self Assessment tax return on or before 23 April 2020.
- Individuals with self-employed profits of less than £50,000.
The self-employed profits need to be the individual’s main source of income i.e. being more than 50% of their total income for the year.
What will I receive?
Each eligible Individual will receive a taxable grant of 80% of your average profits over the past three years, with a £2,500 cap per month. For those with less than 3 years of trading, the average will be taken from the years submitted.
How do I apply?
The claim process is now live in a few weeks time and payments will be made six working days from the claim being approved. GOV.UK have updated their website with a handy tool which you can use to check if you are eligible to make a claim, and what date and time you can apply from.
You can find the online tool using the link below:
To use this tool you will need your National Insurance (NI) number and your Unique Tax Reference (UTR) number, the latter of which is a 10 digit number which can be found on any correspondence received from HMRC or on the front of your personal tax return.
Once you have entered this information into the online tool you should get a response within seconds telling you whether you can or can’t make a claim.
Please note that we cannot do the claim for you as your agent, you will need to complete the below steps in order to check your eligibility and proceed with the claim process.
GOV.UK would prefer that you make your claim through your Government Gateway account, and if you have an account they then invite you to log on to confirm your details so that they can send you an email reminding you to make your claim.
If you do not have a Government Gateway account, they will give you the option to set one up, which you can do it by clicking on the option on the screen. You will then be required to add Self-Assessment to this account using your UTR number and address. Please note, you will require an activation code once enrolled for Self-Assessment which can take 7 days to arrive, so please set up the account in plenty of time before your claim date.
For those of you who are unable to claim online an alternative way to claim will be available and we will advise you of this in due course.
When will I receive the grant?
Payment will be made six working days from your claim being approved.
Update: Friday 29 May
The Chancellor announced on 29 May an extension to the SEISS for eligible self-employed people whose trade has been adversely affected by the Coronavirus. Those eligible, will be able to claim a second and final SEISS grant in August. They will receive a taxable grant worth 70% of their average monthly trading profits for three months, paid out in a single instalment and capped at £6,570 in total.
The criteria remains the same as the first grant but people do not need to have claimed the first grant to claim the second grant.
Claims for the first SEISS grant must be made no later than 13 July and the eligible individual must make the claim themselves. The same applies to the second grant but we can ensure you have the information needed before making your claim, should you need support.
More information on the second SEISS grant will be available on 12 June.
If you would like to check whether you are eligible for the Self-Employed Income Support Scheme and do not have a note of your NI or UTR numbers, please do not hesitate to give us a ring.
Update: Monday 8 July
If you’re eligible for submitting a claim for the first grant, you must make your claim on or before Monday 13 July 2020.
The Chancellor announced an extension to the scheme for eligible self-employed people. Eligible self-employed people whose trade has been adversely affected by Coronavirus on or after Tuesday 14 July, can make a claim from Monday 17 August.
If you would like to discuss your claim, please contact us to speak to a specialist.