UPDATE: Self Employment Income Support Scheme Applications

HMRC have now provided clarity on the Self Employment Income Support Scheme (SEISS) and have started to contact eligible parties to advise on the claim process.

To recap, the scheme offers a payment of 80% of the average monthly profits shown on the 2017, 18 and 19 tax returns to those who have suffered a reduction in income as a result of Coronavirus.

The payments currently cover the months of March, April and May 2020 and are taxable as income.  

In support of this process HMRC have launched an online tool which confirms both eligibility for the scheme and confirms the date from which eligible individuals will be able to make a claim.

The only information required to do this check is a self assessment unique taxpayer reference (UTR) and national insurance number - the tool can be found here: https://www.tax.service.gov.uk/self-employment-support/enter-unique-taxpayer-reference

Those who show as ineligible are able to request a review by HMRC also via this tool.

The claim process will commence from 13 May with staging dates varying by individual – the online tool will confirm that and should trigger a reminder to them when they become able to start the process.

Once the relevant application date arrives the information required by HMRC in making a claim has been confirmed as the following:

• Self Assessment UTR
• National Insurance number
• Government Gateway user ID and password (you can create one when you check your eligibility online if you don’t have one)
• Bank account number and sort code
• Confirmation your business has suffered adversely as a result of Coronavirus

HMRC are advising that payments to successful applicants will be paid within 6 working days of completion of the process.

Those who are unable to claim online will have an alternative claim option, however this has not been made clear by HMRC and we obviously don’t expect this to be anywhere near as timely or efficient as the online process. 

To confirm, claims are to be made by the individual via their online government gateway – unfortunately we are not able to make claims on behalf of clients. We therefore suggest that those who consider themselves eligible ensure they have access to this in advance of making a claim.

If you have any questions regarding this or anything else please get in touch, and for regular updates, announcements and news please check our website (www.dsaprospect.co.uk) and make sure you’re following our LinkedIn page: https://www.linkedin.com/company/dsa-prospect-ltd