This scheme is for anyone self-employed who has been struggling to keep trading during the pandemic as other forms of Government support are not open to them.
As of 8am this morning-the 13th May, self-employed individuals or members of partnerships whose business has been adversely affected by Covid-19 can apply for a Self-Employment Income Support Scheme (SEISS) grant, worth 80% of their average monthly trading profits.
The payments are to be paid in a single instalment covering three months capped at £7,500 and expected to be paid within six working days of each claim.
You will be able to make your claim on a specified date between the 13th to the 18th May, based on your Unique Tax Reference (UTR) number. You can find your UTR on your tax returns, any letters you received from HMRC, or from your accountant. HMRC has assigned a specific date to each person applying: you can check your date on HMRC’s online checker now using this link – https://www.tax.service.gov.uk/self-employment-support/enter-unique-taxpayer-reference
Who is eligible for the grant?
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:
· earn at least half of their income through self-employment
· have trading profits of no more than £50,000 per year
· traded in the tax year 2018 to 2019 and submitted their Self-Assessment tax return on or before 23 April 2020 for that year
HMRC will calculate the amount to be paid to each eligible claimant based on an average of the tax returns for 2016/17, 2017/18 and 2018/19.