May 7, 2020
by  Rubi Shan

Self Employed Income Support Scheme (SEISS)

On 26 March 2020, the government introduced a new scheme called Self Employed Income Support Scheme (SEISS) to provide aid for individuals who are self-employed. A member of partnership can also claim this scheme. The scheme is now open to those who have been impacted by COVID-19 and have annual profits of less than £50,000. Half of their income should also be obtained from self-employment.

If the conditions are met, the SEISS will provide a grant value:

  • 80% of the average monthly trading profits
  • Capped at a total of £7,500
  • For a duration of three months

The scheme may be prolonged if circumstances change.

Who do I Contact?

HMRC will contact you directly if you are eligible for the scheme. From the 4 May 2020, HMRC have been contacting individuals who are eligible for SEISS and you will be asked to claim online using the GOV.UK Online Service.

HMRC will calculate how much an individual can claim and then you will have to make the claim to receive the fund.

You can go online to check if you are eligible for this scheme by clicking here.

You will need the following to check if you are eligible:

  • Unique TaxPayer Reference (UTR)
  • National Insurance Number

Am I Eligible for SEISS?

You must be either self-employed or a member of a partnership

  • You carry on a trade that has been impacted by COVID-19
  • You have traded in the Tax Years 2018-19 and 2019-20
  • Your Self-Assessment Return for the Tax Year 2018-19 has been filed on or before 23 April 2020
  • You expect to remain trading in the Tax Year 2020-21
  • You meet the profit criteria

The profits criteria are met if:

  1. For the Tax Year 2018-19, your trading profits were:
  • 0 < Profit < £50,000 and
  • At least equalising to your non-trading income for the same tax year

2. You traded in each of tax years 2016-17, 2017-18 and 2018-19 and:

  • 0 < Average profits for the years < £50,000 and
  • The total profit was at least equal to your non-trading income for those years

3. You traded in the Tax Year 2017-18 and 2018-19 and not 2016-17 and:

  • 0 < Average profit for the two tax years < £50,000 and
  • The total profit was at least equal to your non-trading income for those two tax years

Who is not eligible?

  • If you started your trade after 5 April 2019
  • Your Self-Assessment Return for the Tax Year 2018-19 has not been submitted by 23 April 2020
  • If your trading income is less than half of your overall income
  • You operate a Furnished Holiday Letting business

How Do I Claim if I am Eligible?

The online claim scheme is expected to open on 13 May 2020 however, an alternative method will be provided for those who cannot claim online.

You will be using the GOV.UK online service to make complete this claim, and you will need the following:

  • Your Unique Taxpayer reference (UTR)
  • Your National Insurance Number
  • Your Government Gateway user ID and password
  • The details of the bank account you want the grant to be paid into

Frequently Asked Questions

Can we make your claim for you?

  • Unfortunately, we cannot. As agents we can only assist you to check if you meet the criteria of this scheme, however, the claim must be completed by you.

How long do I have to wait for the claim to be approved?

  • As you file the claim, you will be told straight away if the claim has been approved. You will be notified how much you are eligible for and how this has been calculated.

How long do I have to wait for the payment?

  • Once approved, the payment will be made to the bank account you have provided within six working days as a single instalment.

What do I need to do after the claim?

  • Please ensure that you keep a clear record on the amount being claimed, reference number and any evidence that shows your business has been impacted by Coronavirus

Am I eligible if I have more than one income stream?

  • If your trading income accounts for half or more of your overall income, you are eligible.

I do not have a Government Gateway Account, what do I do?

  • Please click here to set up your government gateway account.

Please contact us for further information.

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