HM Revenue & Customs (HMRC) will start contacting individuals who may be eligible for the Self-Employment Income Support Scheme (SEISS).
The tax authority has said that from 4 May 2020 onwards it will begin reaching out to those who can benefit from the scheme, which will provide a taxable grant worth 80 per cent of their average trading profits up to a maximum of £7,500, which will be paid in a lump sum by the start of June.
To get an idea of whether an individual may be eligible for the funding, HMRC has created a new online tool that allows the self-employed and their agents, such as accountants, to check. To use the tool, please click here.
To use this service, individuals will need:
- Their Unique Taxpayer Reference (UTR) and their National Insurance Number
- To ensure their details are up-to-date in their Government Gateway account
Once an individual, or their agent, has completed the eligibility check they will be given a date from which the individual can submit their claim.
The claims service, which will help millions of self-employed people access the SEISS, will open on 13 May 2020 and it will be down to each individual to make a claim on their own behalf.
If your accountants file your tax return for you, you may not have a Government Gateway Account. Therefore, if you are required to make the claim yourself, we advise creating a Gateway account as soon as possible. You can do this by clicking here.
HMRC has said the claims process will be simple and that those individuals that are eligible for the scheme will see the grant paid into their bank account by 25 May, or within six working days of completing a claim.
Unfortunately, the SEISS does not apply to those who are paid via a salary and dividends, such as a company director or contractors, but it may be possible to make a claim under the Coronavirus Job Retention Scheme instead if you are able to be furloughed.