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Coronavirus (COVID-19) Self-employment Income Support Scheme (SEIS)
[07/05/2020]

Coronavirus (COVID-19) Self-employment Income Support Scheme (SEIS)

If you are self-employed or a member of a partnership in the UK and have lost income due to coronavirus (COVID-19), you may be eligible.The online service will be available from 13 May 2020 and if you are eligible, HMRC will tell you the date you can make your claim from. Approved claims will be paid within 6 working days. 

This scheme will allow you to claim a taxable grant worth 80% of your average monthly trading profits (from 2016-2019) up to a maximum of £2,500 a month, initially available for 3 months and capped at £7,500 altogether.  The grant will be subject to Income Tax and National Insurance contributions but does not need to be repaid.The grant amount HMRC will work out for you will be paid directly into your bank account, in one instalment.

Eligibility

  • You can claim if you’re a self-employed individual or a member of a partnership and:
  • you traded in the tax year 2018 to 2019 and submitted your Self Assessment tax return on or before 23 April 2020 for that year
  • you traded in the tax year 2019 to 2020
  • you intend to continue to trade in the tax year 2020 to 2021
  • you carry on a trade which has been adversely affected by coronavirus

HMRC will work out if you’re eligible and how much grant you may get by first looking at your 2018 to 2019 Self Assessment tax return. Your trading profits must be no more than £50,000 and at least equal to your non-trading income.  If you’re not eligible based on the 2018 to 2019 Self Assessment tax return, HMRC will then look at the tax years 2016 to 2017, 2017 to 2018, and 2018 to 2019.

Online eligibility tool

Contacting HMRC now will only delay the urgent work being undertaken to introduce the scheme but thereis an online toolto find out if you’re eligible to make a claim.

If you receive texts, calls or emails claiming to be from HMRC, offering financial help or a tax refund and asking you to click on a link or to give personal information, it is a scam. You should email it to phishing@hmrc.gov.ukand then delete it.

Wat you need to make your claim

  • Self Assessment UTR - if you do not have this find out how to get your lost UTR
  • National Insurance number - if you do not have this find out how to get your lost National Insurance number
  • Government Gateway user ID and password - if you do not have a user ID, you can create one when you check your eligibility online
  • bank account number and sort code you want us to pay the grant into (only provide bank account details where a Bacs payment can be accepted)
  • You’ll have to confirm to HMRC that your business has been adversely affected by coronavirus.

Record keeping

In addition to normal record keeping, you must keep records of the amount claimed, the claim reference number and evidence that your business has been adversely affected by coronavirus.

Information

For more detailed information on who can claim, eligibility, how much you’ll get, how to claim, records to be kept and other help you can get, visit gov.uk (government services and information) https://www.gov.uk/guidance/claim-a-grant-through-the-coronavirus-covid-19-self-employment-income-support-scheme#other

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