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Q: What is the Self-Employment Income Support Scheme?
A: The Self-Employment Income support Scheme (SEISS) has been introduced by HMRC to aid those who are self-employed or a member of a partnership who have been adversely affected by Covid-19
Q: How much will I get?
A: The scheme will allow those eligible to claim a grant of 80% of your average monthly trading profits. This will be paid as a single instalment covering a 3-month period and is capped at £7,500 total (£2,500 per month).
Q: Am I eligible?
A: In order to be eligible you must meet the following requirements:
- You traded in the 2018/19 tax year and submitted a tax return on or before 23 April 2020 for that year.
- You traded in the 2019/20 tax year
- Earned at least half of your income through self-employment
- Have trading profits of no more than £50,000 per year
- You intend to continue trading in the 2020/21 tax year
- You carry on a trade which has been adversely affected by Covid-19
Q: How do I check if I am eligible?
A: HMRC have introduced an online tool for individuals to check if they are eligible to make a claim. This can be found here - https://www.tax.service.gov.uk/self-employment-support/enter-unique-taxpayer-reference
You will need your UTR number and your National Insurance number.
Q: I have checked and I am eligible, what happens next?
A: If the online tool advises you are eligible HMRC will tell you the date you will be able to make a claim from and ask you to provide your contact details. These will be used to remind you when the online service to make your claim becomes available.
Q: How do I claim?
A: The online service to claim will be live from 13 May 2020, your date given when checking your eligibility will determine when you can claim from. In order to make your claim you will need the following:
- Your UTR number
- Your National Insurance number
- Your Government Gateway ID and password (you can create one when you check your eligibility online if you do not already have one).
- The bank account number and sort code you want the grant paid into (this must accept Bacs payments).
Q: Can my agent make the claim on my behalf?
A: No. Only you as the individual can make the claim to receive your grant. However, your agent can use the online eligibility tool on your behalf and advise you if you are eligible or not.
Q: I have made the claim for the grant, when will I receive the money?
A: You will be told straight away after making the claim if your grant has been approved. The payment will be made into your bank account by 25th May or within 6 working days from the claim being made.
Q: Do I have to pay the grant back?
A: No. You will not have to repay the grant, but it is taxable so you will need to report it on your Self-Assessment tax return. You are expected to keep records of the payment received in line with record keeping for any other self-employed income you receive.