If you are self employed and due to Covid 19 are unable to trade then you may be eligible for a government grant.
You’ll need to make the claim yourself-HMRC have today announced that accountants CANNOT make claims on behalf of their clients for the Self Employment Income Support Scheme
We are here to help, though, so please call or email if you need assistance.
Please note: HMRC will not email, text or phone you regarding this so please watch out for scams
In the first instance and to confirm you are eligible please enter your tax reference and national insurance number into the following link.
If you are eligible you can start the claim process from the 13th May 2020 using the same link.
In the meantime you need to ensure you have a government gateway account, this can be set up on the HMRC website.
To apply you must have submitted your tax return for the year ending 05/04/2019 (due by 31/01/20), have traded during year ending 05/04/20 and still be trading into tax year ending 05/04/21 (or would be had COVID 19 not stopped you)
To be eligible you:
must have lost profits due to COVID 19
Earn less than £50,000 per year
More than half of your income must be made up from self employed income
How much you will get:
You will receive 80% of your income based on a 3 year average of your tax returns submitted for years ending 05/04/2017, 05/04/2018 & 05/04/2019.
If you have not traded for 3 years, they will use an average of however many years tax returns you have submitted up to 05/04/2019
The payment will be a maximum of £2500 per month for 3 months
How to apply:
HMRC will contact you if you are eligible and invite you to apply online
The only way to apply will be online, if someone contacts you by text, call or email claiming to be HMRC asking for your bank/card details or to click on a link, IT IS A SCAM
When will you be paid:
HMRC will contact you after your application to tell you how much you will be paid.
You will be paid direct into your bank account in one instalment
HMRC anticipate this to happen in June
Other Help you can get:
The government is also providing the following additional help for the self-employed:
- deferral of Self Assessment income tax payments due in July 2020 and VAT payments due from 20 March 2020 until 30 June 2020
- grants for businesses that pay little or no business rates
- increased amounts of Universal Credit
- Business Interruption Loan Scheme