Get ready to claim the Self-Employment Income Support Scheme (SEISS)

HM Revenue & Customs (HMRC) will start contacting individuals who may be eligible for the Self-Employment Income Support Scheme (SEISS).

The tax authority has said that from 4 May 2020 onwards it will begin reaching out to those who can benefit from the scheme, which will provide a taxable grant worth 80 per cent of their average trading profits up to a maximum of £50,000, which will be paid in a lump sum by the start of June.

Eligibility Check

To get an idea of whether an individual may be eligible for the funding, HMRC has created a new online tool that allows the self-employed and their agents, such as accountants, to check. To use the tool, please click here.

To use this service, individuals will need:

  • Their Unique Taxpayer Reference (UTR) and their National Insurance Number
  • To ensure their details are up-to-date in their Government Gateway account.

Once an individual, or their agent, has completed the eligibility check they will be given a date from which the individual can submit their claim.

Claims Service

The claims service, which will help millions of self-employed people access the SEISS, will open on 13 May 2020 and it will be down to each individual to make a claim on their own behalf.

If, as your accountants and agents we file your tax return you may not have a Government Gateway Account.

For now, it is recommended that you do not set up a new government gateway ID in advance of making an application, but instead do so as the first step in the application process.

This will ensure that the correct type of credentials are used and avoids the need to wait for an authorisation code in the post. This requirement is suspended for those that set up government gateway credentials as part of the SEISS service.

Should you wish to create your gateway ID in future, you can do this by clicking here.

Here to Help

We have already produced several updates on the eligibility criteria for this scheme and how grants will be calculated, which is available via our COVID-19 information hub.

If you need support with checking eligibility or calculating your trading profits and income for the scheme, please contact us

Posted in COVID-19 Knowledge Hub, Left, Newswire.