Self-Employment Income Support Scheme Opens for Applications

Self-Employment Income Support Scheme Opens for Applications

The Government’s coronavirus support scheme for the self-employed has opened for claims, ahead of the original schedule. Individuals or members of partnerships whose business has been adversely affected by COVID-19 will be able to apply for a Self-Employment Income Support Scheme (SEISS) grant worth 80% of their average monthly trading profits.

Millions are expected to benefit from the scheme with the payments – to be paid in a single instalment covering three months and capped at £7,500 – expected to appear in bank accounts within six working days of each claim.

Applicants will be able to make their claim, based on their Unique Tax Reference number. HMRC has assigned eligible self-employed individuals a specific date on which to apply and this can be checked on HMRC’s online checker.

Individuals are eligible if their business has been adversely affected by coronavirus, they traded in the tax year 2019 to 2020, intend to continue trading, and they:

Earn at least half of their income through self-employment.

Have trading profits of no more than £50,000 per year.

Traded in the tax year 2018 to 2019 and submitted their Self Assessment tax return on or before 23 April 2020 for that year.

HMRC will calculate the amount to be paid to each eligible claimant based on an average of the tax returns for 2016/17, 2017/18 and 2018/19.

Everyone eligible for the SEISS will be able to receive the grant by 25 May, or within six days of a completed claim.

Chancellor of the Exchequer, Rishi Sunak, said:

‘With payments arriving before the end of this month, self-employed across the UK will have money in their pockets to help them through these challenging times.’

The online service is now available. Applicants can make a claim from the date HMRC advised them when they checked their eligibility (between 13 and 18 May). They will not be able to apply before their claim date but can make a claim after that day.

More information about this funding opportunity and the application process is available on the GRANTfinder funding information platform. GRANTfinder provides up-to-the minute content, insight and analysis on funding news. To find out more about how GRANTfinder can keep you in the know, and subscription fees, contact us today.