by David Watkinson
THE Chancellor, Rishi Sunak, announced a new scheme at the end of March to support self-employed people impacted by coronavirus.
The Self-Employment Income Support Scheme provides a taxable grant of 80% of average monthly trading profits, paid in a single instalment of up to a total of £7,500.
This email sets out how to check your eligibility and how to make a claim.
How to check if you are eligible
Search GOV.UK for ‘Self-Employment Income Support Scheme’ from Monday 4 May.
To complete this eligibility check, you’ll need to have your:
– National Insurance number – if you don’t know this, go to the HMRC app, your online tax account or ask your tax agent, and
– Self Assessment Unique Taxpayer Reference (UTR) number – you can find this on your self assessment papers or from your tax agent.
If you are eligible, you will then need your Government Gateway user ID and password. Please be aware that just completing a self assessment tax return does not mean that you have a government gateway. If you use an agent to submit your return then they will use their own gateway to do so, and agents have been excluded from this claims process by HMRC.
If you don’t have a government gateway account, or have forgotten your details, follow the instructions on GOV.UK by searching for the ‘Self-Employment Income Support Scheme’. You cannot claim this grant without these details. If you need to create a government gateway then this process normally takes about 10 days. You should check that your contact details are correct in your Government Gateway account.
You cannot make your claim yet but HMRC will tell you when the claim system is available for you to use. This is expected to be between 13 and 18 May.
How to make a claim
You’ll need to make the claim yourself, although you can seek advice from an agent if you use one.
Once HMRC have contacted you with your claim date then making the claim is relatively straightforward. All you will need are your Government Gateway user ID and password, bank account number and sort code. HMRC will then calculate your entitlement based on previously submitted returns, and pay the grant directly into your account within 6 working days.
WatkinsonBlack have been supporting local businesses in Warrington and the surrounding area for over a quarter of a century. Whilst their offices are currently closed with staff either furloughed or working from home, they continue to offer a comprehensive accountancy and taxation service, and can still be contacted at [email protected]. We are currently looking at ways of ensuring the safety of staff whilst working in the office, and expect the office to re-open in the near future.
