From 8am this morning (13th May 2020), HMRC is accepting applications from self-employed individuals to apply for a Self-Employment Income Support Scheme (SEISS) grant worth 80% of their average monthly trading profits.
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:
- are self-employed individuals (sole-traders) or members of a partnership
- 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
Directors of limited companies are unfortunately not eligible for SEISS.
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.
We have produced a step by step guide on how to claim for the Self-Employment Income Support Scheme (SEISS) Grant as HMRC are not allowing accountants and tax advisors to apply for their clients.
You can read the guide here: https://www.hillmans.co.uk/guide-to-claim-for-seiss-grant
Although we cannot make the application for you, we can talk you through setting up your online Tax Account and help you with the information you need to enter for the grant application. Please drop us a line and we will be pleased to help.