CORONAVIRUS UPDATE: SELF EMPLOYMENT GRANTS

The HMRC has recently announc that they expect to be contacting self employed people who they believe qualify for the Self Employed Income Support Scheme (SEISS) by the middle of May inviting them to apply online. 

The scheme is aimed at self employed workers who have lost profits due to the coronavirus measures interrupting their business. The scheme commences from 1 March 2020 and is initially for 3 months to the 31 May 2020.

To be eligible for the scheme you must meet all the criteria below:

  • Be self-employed or a member of a partnership.
  • Have lost trading/partnership trading profits due to COVID-19.
  • File a tax return for 2018-19 as self-employed or a member of a trading partnership. Those who have not yet filed for 2018-19 will have an additional 4 weeks from this announcement to do so.
  • Have traded in 2019-20; be currently trading at the point of application (or would be except for COVID 19) and intend to continue to trade in the tax year 2020 to 2021.
  • Have trading profits of less than £50,000 and more than half of your total income comes from self-employment. This can be with reference to at least one of the following conditions:
    • Your trading profits and total income in 2018/19.
    • Your average trading profits and total income across up to the three years between 2016-17, 2017-18, and 2018-19.

Payments of the grant to eligible people will be made in one lump sum around the middle of June 2020, but HMRC have said if they can get payments out earlier, they will.

Leave a Reply