by Steve Wiltshire

This week, HMRC will begin to contact people who may be eligible for the Self-Employment Income Support Scheme (‘SEISS’).

The scheme, which will provide a taxable grant worth 80 per cent of a self-employed individual’s average trading profits up to a maximum of £7,500, will be paid in a lump sum by the start of June.

 Eligibility

HMRC has developed an online tool that allows the self-employed and their accountants, to assess whether they are eligible for the funding.  You can access the tool here.

 Making a claim

The claims portal will open on 13 May 2020.  It’s important to note that it will be down to each individual to make their own claim – agents cannot do this on their behalf.  HMRC has reassured taxpayers that the process will be simple and that eligible individuals will receive the grant in their bank account by 25 May, or within six working days of completing a claim whichever is later.

 Any questions?

If you need help checking whether you are eligible, or with calculating your average trading profits and income for the purposes of a claim, please get in touch – we’ll be happy to help.

 

Photo by Matthew Waring on Unsplash