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Applications For Self-Employment Income Support Scheme Now Open
13th May 2020
- Self-Employment Income Support Scheme opens for applications today
- Those eligible will receive government grant worth up to £7,500
- Money expected to be in bank accounts by 25 May
Self-employed individuals or members of partnerships whose business has been adversely affected by coronavirus will be able to apply for a Self-Employment Income Support Scheme (SEISS) grant worth 80% of their average monthly trading profits.
Millions are expected to benefit from the scheme with the payments – to be paid in a single instalment covering three months and capped at £7,500 – expected to land in bank accounts within six working days of each claim.
Everyone eligible for the SEISS will be able to receive the government grant by 25 May, or within six days of a completed claim.
From today, people will be able to make their claim on a specified date between 13-18 May, based on their Unique Tax Reference number. HMRC has assigned eligible self-employed individuals a specific date to apply on and this can be checked on HMRC’s online checker.
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:
- 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
HMRC 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.
Customers have been invited to claim their SEISS grant on a specified date, from 13 - 18 May. They won’t be able to apply before their claim date but can make a claim after that day. People can check their date using HMRC’s online checker at any time.