Good news for Self Employed in the UK - The Self Employed Income Support Scheme (or SEISS) has now been opened, ahead of the previously scheduled date, and the HMRC should be reaching out to you personally from today.
The scheme offers a grant (which is taxable) of 80% of your average monthly trading profits, paid out in one instalment for 3 months total. The cap for the grant is £7,500 and is expected to be temporary, but may be extended depending on announcements and findings from the Covid-19 outbreak.Unlike Furlough, when you receive the grant you can continue to work, start a new trade or take on other employment including voluntary work, or duties as an armed forces reservist.The grant does not need to be repaid but will be subject to Income Tax and self-employed National Insurance.
The process will be very simple, and those eligible will have the money paid into their bank account by 25 May, or within six working days of completing a claim.Individuals are eligible if their business has been adversely affected by coronavirus, they traded in the tax year 2019 to 2020, intend to continue trading, and they:
Examples of how the HMRC will know if your business has or could be adversely affected by Coronavirus, include:
You cannot claim this grant if you run a limited company or are operating through a trust.Grants under the Self-Employment Income Support Scheme are not counted as ‘access to public funds’, and you can claim the grant on all categories of work visa.
HMRC will contact those who are eligible via email, text, or letter. But please be diligent and ensure not to reply to any messages which may seem to be spam.They will share with you the date you can claim from, and they will ask you to add your contact details.If you can claim straightaway you’ll also need your:
You’ll have to confirm to HMRC that your business has been adversely affected by coronavirus. You can make your claim through the launched system, here.
