The Government have issued updates on the grant scheme to the self-employed (SEISS). As a reminder the main elements:
- Scheme is open to those who were self-employed in the 18/19 tax year and have continued their trade.
- The grant will pay for three months 80% of the average monthly profits reported in the 3 three years to 5/4/19. The maximum that will be paid out is £7,500.
- Businesses must have been affected by the Coronavirus
There are many other details and you can find more information in the links provided below.
Last week HMRC have announced that they will be ready for applications by the end of next week. Once you have made your application, HMRCC have indicated that payment will be made within 6 working days. This is welcome news as the government had previously indicated that grants won’t be paid out until the end of June. Here is what you can do now to avoid delays in receiving the grant:
- Check your eligibility
- Locate your Government User ID number
- Talk to your accountant if HMRC says that you are not eligible, and you think you are.
You can check your eligibility now through the government’s online facility (click here – SEISS eligibility check). You will need the following:
- Your 10-digit UTR
- Your National Insurance number
- Your Government Gateway user ID and a password. If you do not have this, then you can apply for one whilst checking your eligibility.
- A bank a/c number and sort code that can accept BACs as HMRC will pay the Grant into this account.
You might find the this video link helpful: Video: How to check eligibility
Whilst using the eligibility checker you will be prompted to give contact details and these will be used to contact you just before your claim can be made. You will be given an exact date from when you can apply once you have been approved for eligibility.
For individuals who cannot apply online, HMRC have said they will offer an alternative way of applying for the Grant. This is likely to be by post.
If you are told that you are not eligible and you believe that you fulfil the criteria that HMRC have given (see our blog on eligibility criteria) you will be able to appeal but this won’t be considered until May 18th earliest.
Please note that HMRC have informed Accountants that we cannot submit the claim for you but we intend to support you through the process with our guidance notes and videos.
We hope to receive more guidance from HMRC in the next few days on how to complete the claim and we will post further updates on this as soon as they are available .
For more information check the following links:
The rules for the Employee Job Retention Scheme are subject to change as the government/HMRC issue further guidance and clarification. While we make every effort to make sure this guide is accurate and up to date, you should take professional advice before acting on the information provided here. If you contact us, we will be happy to help. Beans cannot take responsibility for actions taken and losses incurred as a result of actions taken or not taken based on the information provided here.