The Government have announced more detail on the SEISS scheme.
Those who are eligible will be able to claim a taxable grant worth 80% of their average trading profits up to a maximum of £7,500 (equivalent to three months’ profits), paid in a single instalment.
Who can claim
You can claim if you’re a self-employed individual or a member of a partnership and:
- you traded in the tax year 2018 to 2019 and submitted your Self Assessment tax return on or before 23 April 2020 for that year
- you traded in the tax year 2019 to 2020
- you intend to continue to trade in the tax year 2020 to 2021
- you carry on a trade which has been adversely affected by coronavirus
Your business could be adversely affected by coronavirus if, for example, you’re unable to work because you:
- are shielding
- are self-isolating
- are on sick leave because of coronavirus
- have caring responsibilities because of coronavirus
you’ve had to scale down or temporarily stop trading because:
- your supply chain has been interrupted
- you have fewer or no customers or clients
- your staff are unable to come in to work
HMRC is encouraging tax payers to check their eligibility for SEISS now to expedite the claim which will be done through your Government Gateway account.
If you do not have a Government Gateway account, you must create one now, in order to be ready to make the claim when the service opens on 13 May.
To check your eligibility, you can access the system here: https://www.tax.service.gov.uk/self-employment-support/enter-unique-taxpayer-reference
You will need:
- Your Unique Taxpayer Reference (UTR) and National Insurance Number (these can be found on the first page of your tax return)
- To make sure your details are up-to-date in your Government Gateway account
Once the online check is complete, eligible tax payers will be given a date when they can submit their claim.
As agents we can provide any information you require, but we are prevented from making the claim for you, you will need to make the claim yourself.
In accordance with the strict regulations, we access your information through an agent Gateway account and are not able to maintain personal Gateway accounts for you.
Please contact us if you have any questions.