The scheme will allow you to claim a taxable grant of 80% of your average monthly trading profits, paid out in a single instalment covering 3 months, and capped at £7,500 altogether. This is a temporary scheme, but it may be extended.
If you receive the grant you can continue to work, start a new trade or take on other employment including voluntary work, or duties as an armed forces reservist.
The grant will be subject to Income Tax and self-employed National Insurance.
There is other support available if you’re not eligible for the grant.
HMRC will work out if you’re eligible and how much grant you may get.
Last week HMRC contacted all tax agents (accountants), here is what they said….
As an agent you won’t be able to make a claim on behalf of your clients.
Designing a scheme that enabled agents to apply on behalf of clients would have taken substantially longer to deliver, at a time when speed is the priority.
Instead, we have designed the scheme to be as simple as possible for customers to use, and we will calculate the amount a customer is entitled to based on the information we already hold.
How to use the checker
To use the online checker, your client or you, on their behalf, will need their Unique Taxpayer Reference Number and their National Insurance Number.
If your client is eligible, they will be given a date, between 13 and 18 May, from which they can apply. This date is assigned randomly to help HMRC manage demand on the service, making sure that everyone who needs to make a claim can do so.
Your client will also be asked to provide their Government Gateway credentials (user ID and password) and check that their bank and contact details are up to date. This is important so that we can we can remind them by email or text message when it’s their turn to make a claim.
If your client doesn’t have Government Gateway credentials, they can set those up simply if they follow our guidance and use the SEISS eligibility checker. There will be no requirement for customers to wait for pins or codes through the post.
So it vitally important that you get a Gateway account with HMRC if you are self employed.