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Making a claim under the Self-employed Income Support Scheme

As we have written previously, if you are self-employed and qualify for the Self-employment Income Support Scheme you will receive a cash grant from HMRC based on 80% of profits, up to £2,500 per month. The initial grant will be for the three months, from 1 March through to the end of May 2020, but could be extended for a longer period. You can only make a claim if your business has been adversely affected by coronavirus.

When the scheme was launched, HMRC said that it would invite those who met the eligibility criteria to apply online. HMRC expected to begin contacting those eligible by mid-May 2020. However, in a news release published by HMRC we are told that HMRC began contacting taxpayers who may be eligible for the scheme on 4 May 2020.

You, or your agent can also go online and check your eligibility for the scheme at www.tax.service.gov.uk/self-employment-support/enter-unique-taxpayer-reference

In order to receive a quick confirmation from the eligibility checker, you will need your Unique Taxpayer Reference, National Insurance Number and bank account details to hand. You will also need your Government Gateway user ID and password and will need to confirm your details are up to date. If the checker confirms your eligibility, you will be given a randomly allocated date between 13 and 18 May when you can first use the online system to make a claim.

The online claims service will also open ahead of schedule on Wednesday, 13 May 2020. If you are eligible you will be able to claim a taxable grant worth 80% of your average trading profits up to a maximum of £7,500 (equivalent to three months’ profits for March, April and May), paid in a single instalment. The claims are expected to be paid within six working days of submitting a claim. 

Source: HM Revenue & Customs Wed, 06 May 2020 05:00:00 +0100

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Some accountancy websites also provide pages and pages of tax information, helpsheets, etc. We prefer to give clients personally tailored advice. So, if you want details of tax rates and allowances just go to the HMRC website on which you should find what you’re looking for. If you need more individual advice please contact us.

Below are links to websites you may find of interest, but as we like to support our local community and clients, we have included links to websites that may be of interest:

HMRC
FT
BBC
VEALE WASBROUGH VIZARDS
CESP
PRACTICE INDEX
SIMCOMM ACADEMY

More Local:
FOOTPLATE EXPERIENCE
ANGLEBURY PRESS
OFFCAMBER.CO.UK