Self-Employed Income Support Scheme – Updated guidance on making an application

Posted on 6th May 2020 by Streets - Our news

The Government has updated its guidance on eligibility and making a claim for financial support through the Self-Employed Income Support Scheme.

A key change is the provision of an online tool to check eligibility, for which all you require is your Unique Tax Reference (UTR) and National Insurance number. As well as being eligible in accordance with the tool you will also have to have traded in 2019/20 and have intended to trade in 2020/21.

If you are eligible for support you will then be able to submit an application using the online application service, which will be available from 13 May 2020. If you are eligible you will be advised of the date you can make your claim from. If your claim is approved you will receive your payment within 6 working days.

To complete and submit your application you will need the following:

Evidence that your business has been adversely affected by Covid-19, although it appears that no evidence will be required at the point of submission. You will need to sign a declaration that you have been adversely affected and HMRC could investigate this in the future
Your Self Assessment UTR - if you do not have this find out how to get your lost UTR
Your National Insurance number - if you do not have this find out how to get your lost National Insurance number
A Government Gateway user ID and password - if you do not have a user ID, you can create one when you check your eligibility online
The account number and sort code of the bank account you would like the grant paying in to (only provide bank account details where a BACS payment can be accepted)

The scheme will allow you to claim a taxable grant of 80% of your average monthly trading profits, paid out in a single instalment covering 3 months and capped at £7,500 altogether. This is a temporary scheme but it may be extended. The grant will be subject to Income Tax and self-employed National Insurance.

For further information, guidance and to check your eligibility please visit:

https://www.gov.uk/guidance/claim-a-grant-through-the-coronavirus-covid-19-self-employment-income-support-scheme#eligible

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