What is the self-employed support scheme?
The government has announced financial support for self-employed workers during the coronavirus pandemic period. The scheme will provide up to £2,500 in support per month for up to three months.
Am I eligible?
- You must have submitted your Income Tax Self Assessment tax return for the tax year 2018-19. If you have not submitted your Income Tax Self-Assessment tax return for the tax year 2018-19, you must do this by 23 April 2020
- You must have already worked this tax year, would have been working if it were not for Coronavirus and intend to resume working when the pandemic ends
- Your profit (what you earn after your costs are deducted) must be less than £50,000
- More than half of your income must come from self-employment
How much will I get?
You will receive 80% of the average profits of the previous three years tax returns, up to a maximum of £2,500 for up to three months. Years where you did not submit a tax return will not be included in your calculation.
The payment will be paid directly into your bank account in June as a single payment. Note that the payment is subject to tax.
How do I make a claim?
HMRC will contact you if you are eligible for the scheme and invite you to apply online.
HMRC is also inviting the self-employed to go online and check their eligibility for SEISS.
In order to receive quick confirmation from the eligibility checker, you should:
- have their Unique Taxpayer Reference (UTR) and their National Insurance Number to hand
- make sure their details are up-to-date in their Government Gateway account
Once the online check is complete, eligible customers will be given a date when they can submit their claim. They will also be encouraged to update their contact details.
HMRC has announced that they will begin contacting those who are eligible from 4th May 2020, and that those eligible will have the money paid into their bank account by 25 May, or within six working days of completing a claim.
Official government website - Claim a grant through the coronavirus (COVID-19) Self-employment Income Support Scheme