Preparing For The Self-Employment Income Support Scheme

From Monday 4 May, HMRC began to contact individuals who may be eligible for the Government’s Self-Employment Income Support Scheme (SEISS).

You can view the summary of the criteria needed to be met in order to be eligible for the scheme in our previous article, and check your eligibility on an online tool which the HMRC have now published. To access this tool, you will need your Unique Taxpayer Reference (UTR) and National Insurance Number. The eligibility checker can be accessed here.

If eligible, claims can be made through an HMRC online service which will be live from Wednesday 13 May. HMRC are estimating around 3.5 million claimants, therefore, to reduce the strain on their system, are implementing a staging process for making claims. The date that an individual can make a claim from is also determined by the eligibility checker.

If HMRC have told you that you are not eligible to make a claim, this can be appealed following Monday 18 May.

Once your claim has been made, HMRC will advise you instantaneously whether your grant has been approved, with expected funds to be received by individuals within 6 workings days. All information should be retained, including the amount claimed along with your Claim Reference Number.

For SEISS applications that are approved, individuals are required to report the grant on their 2020/21 Self-Assessment Tax Returns. The grant will also qualify as self-employed income for any individuals who also make a claim for Universal Credit.

HMRC have advised that the claim can only be made by the self-employed individual and that tax advisors/agents will be unable to make the claim on your behalf. However, if you do need more information, or for support, please get in touch with your usual Taxpert. You can find our up to date contact details on Our People page.