UPDATE: Availability of Financial Assistance Available due to Coronavirus as at 13th May 2020
Self-employment Income Support Scheme (SEISS)
The scheme is due to go live today, with applicants able to make a claim from the date provided to them by HMRC.
To make a claim you will need the following:
- Self-Assessment Unique Taxpayers Reference (UTR)
- National Insurance number
- Government gateway ID and password (if you do not have one, you can create one when making a claim)
- UK bank details including:
- Bank account number
- Sort code
- Name on the account
- Address linked to your bank account
To access the portal, please use the link to make a claim.
How Much Can You Claim Through the SEISS?
You will not need to calculate the average profits, or the amount of claim as HMRC will be doing this for you. Your profits for either 2018-19, or the average over the relevant period, (from 2016-17 to 2018-19 for most people) must be under £50,001 and your total trade income must be at least equal to the total of non-trade income.
You will need to confirm to HMRC that your business has been adversely affected by Coronavirus.
What Conditions Have to be Met to Claim SEISS?
To meet the condition of being adversely affected:
- You are unable to work because
- You are shielding
- You are self-isolating
- You are on Sick leave because of Coronavirus
Or you have had to scale down or temporarily stop trading because:
- Your supply chain has been interrupted
- You have fewer or no customers or clients
- Your staff are unable to come to work
How Will I Know if my SEISS Claim has been Approved?
You will be informed straight away whether your grant has been approved, and the money will be paid into your bank account within 6 working days.
You must keep a copy of all records in line with the usual self-employment record keeping requirements, including:
- The amount claimed
- The claim reference number
- Evidence that your business has been adversely affected by Coronavirus
You will need to report the grant:
- On your self-assessment tax return
- As self-employed income for any Universal Credit claims
- As self-employed income and that you are working 16 hours a week for any Tax Credits claims.
We will endeavour to keep you updated as changes to this information are announced.
If you have any queries regarding this information, need help managing your self-employed business accounts or would like advice about how to manage your finances more efficiently during lockdown, please do not hesitate to contact us.
SAS Accounting is a full service professional accountancy team based in Colchester, Essex. We provide jargon-free, understandable financial support to take the stress out of managing your finances.