Yesterday, further details were announced regarding the Self-Employment Support Scheme that was announced on 26 March.
For details of the guidance issued by the government on this please visit:
We already knew that to qualify:
- You must be self-employed or a member of a partnership and generate over 50% of your total income from this source; and
- You must have submitted a tax return for 2018-19; and
- You must have traded in 2019-20 and expect to trade in 2020-21; and
- Either your trading profits for 2018-19 were less than £50,000 or your average profits for 2016-17, 2017-18 and 2018-19 are less than £50,000.
Additional qualification criterion confirmed yesterday:
- You must carry on a trade which has been adversely affected by coronavirus.
HMRC has provided examples of where a business has been adversely impacted by coronavirus such as if you were shielding, self-isolating or you’ve had to scale down or temporarily stop trading. The guidance also confirms that the taxpayer will be required to confirm to HMRC that your business has been adversely impacted by Coronavirus.
If you qualify:
If you qualify, a taxable grant of 80% of average monthly profits will be available up to a maximum of £2,500 per month. The scheme is due to run until June, so the maximum grant is expected to be £7,500 at present.
The online portal will open from 13 May and HMRC will invite applications from this day onwards. As agents we are not going to be permitted to make these claims directly on your behalf, but we will of course assist wherever needed.
If you are unsure of whether you qualify or not this can be checked online at the link below. Alternatively, please do contact us and we will confirm your eligibility.
To claim you will need your:
- Self Assessment UTR (please contact us if you are unsure and we can confirm)
- National Insurance number
- Government Gateway user ID (if you do not already have a government gateway we advise applying for one as soon as possible here: https://www.gov.uk/personal-tax-account). We do not hold this information as we use our own gateway to file your tax return.
- Bank account details
We remain here to support you in these strange times. Please do not hesitate to contact us should you wish to discuss anything at all. We are very happy to help you even if just as a sounding board.