Coronavirus (COVID-19) Update – Self-Employment Income Support Scheme

News

The Self-Employment Income Support Scheme will be available if you are self-employed individually or in a partnership and the following apply –
•       you carry on a trade which has been adversely affected by coronavirus
•       you traded in the tax year 2018 to 2019 and submitted your Self-Assessment tax return on or before 23 April 2020 for that year
•       you traded in the tax year 2019 to 2020
•       you intend to continue to trade in the tax year 2020 to 2021

If you are eligible to claim then HMRC will aim to contact you by mid-May 2020 to invite you to claim using their online service. If you do not use online facilities HMRC have indicated there will be another way to claim will be available but they have not yet confirmed what this will be. Payment will be made 6 working days after your claim is approved. If you wish to check if you are eligible online please click on the following link https://www.tax.service.gov.uk/self-employment-support/enter-unique-taxpayer-reference

To work out your eligibility HMRC will first look at your 2018 to 2019 Self-Assessment tax return. Your trading profits must be no more than £50,000 and at least equal to your non-trading income. If you’re not eligible based on the 2018 to 2019 Self-Assessment tax return, they will then look at the tax years 2016 to 2017 and 2017 to 2018.

Unfortunately, we have been advised that us as your Accountant will not be able to make the claim on your behalf and you will have to do this yourself online. You will need the following details –
•       Self-Assessment UTR
•       National Insurance number
•       Government Gateway user ID and password
•       Bank account number and sort code, you wish the money to go into.

If you do not have a Government Gateway user ID and password then you will need to get this set up online with HMRC – please note you can do this now so you are ready for when HMRC contact. To do this please go on the following link https://www.gov.uk/log-in-register-hmrc-online-services/register
If you need your UTR or NI number or have any other queries then please get in contact with the partner that normally deal with your accounts.

Related Posts

No results found

Menu