05 May Coronavirus Financial Assistance – 05.05.2020
Self-Employment Income Support Scheme
Additional information is now available regarding the self-employment income support scheme, and you can find more if you click here: https://bit.ly/2xDwBGV.
If you are self-employed or a Partner in 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
Check if you’re eligible to claim
If you click https://bit.ly/2xDwBGV, you can use the HMRC online tool to find out if you’re eligible to claim this grant.
Subject to the various qualifying conditions, the grant will be 80% of your average monthly trading profits, paid out in a single instalment covering 3 months, and capped at £7,500 altogether. The online service will tell you how HMRC have worked the grant out.
The online service will be available from 13 May 2020. If you’re eligible, HMRC will tell you the date you can make your claim from and if your claim is approved, you’ll receive your payment within 6 working days.
Please note that we cannot make the claim for you and that you must make the claim yourself. However, if you need any help or support, please get in touch.
If you need help to obtain your UTR, please get in touch with Natasha at our main office, on 01573 225082, or email@example.com.
If you need help to set up a Government Gateway account, if you don’t have one yet, please follow the instructions on the following link: https://bit.ly/2L3CU9L. We encourage you to do this immediately, to ensure you don’t experience any delays in obtaining your grants.
Once you’ve submitted your claim, you will be told straight away if your grant is approved. HMRC will pay the grant into your bank account within 6 working days.
You must keep a copy of all records in line with normal Self-Employment record keeping requirements, including:
- the amount claimed
- the claim reference number for your records
- evidence that your business has been adversely affected by coronavirus
You will need to report the grant:
- on your Self-Assessment tax return
- as self-employed income for any Universal Credit claims
- as self-employed income and that you’re working 16 hours a week for any tax credits claims