SELF EMPLOYED GRANTS SUPPORT SCHEME

[topchippyles]

Guidance

Claim a grant through the coronavirus (COVID-19) Self-employment Income Support Scheme

Use this scheme if you're self-employed or a member of a partnership and have lost income due to coronavirus.

Published 26 March 2020

From:

HM Revenue & Customs

 

Contents

1. Who can apply
2. How much you’ll get
3. How to apply
4. After you’ve applied
5. Other help you can get

This scheme will allow you to claim a taxable grant worth 80% of your trading profits up to a maximum of £2,500 per month for the next 3 months. This may be extended if needed.

Who can apply

You can apply if you’re a self-employed individual or a member of a partnership and you:

• have submitted your Income Tax Self Assessment tax return for the tax year 2018-19
• traded in the tax year 2019-20
• are trading when you apply, or would be except for COVID-19
• intend to continue to trade in the tax year 2020-21
• have lost trading/partnership trading profits due to COVID-19

Your self-employed trading profits must also be less than £50,000 and more than half of your income come from self-employment. This is determined by at least one of the following conditions being true:

• having trading profits/partnership trading profits in 2018-19 of less than £50,000 and these profits constitute more than half of your total taxable income
• having average trading profits in 2016-17, 2017-18, and 2018-19 of less than £50,000 and these profits constitute more than half of your average taxable income in the same period

If you started trading between 2016-19, HMRC will only use those years for which you filed a Self-Assessment tax return.

If you have not submitted your Income Tax Self-Assessment tax return for the tax year 2018-19, you must do this by 23 April 2020.

HMRC will use data on 2018-19 returns already submitted to identify those eligible and will risk assess any late returns filed before the 23 April 2020 deadline in the usual way.

How much you’ll get

You’ll get a taxable grant which will be 80% of the average profits from the tax years (where applicable):

• 2016 to 2017
• 2017 to 2018
• 2018 to 2019

To work out the average HMRC will add together the total trading profit for the 3 tax years (where applicable) then divide by 3 (where applicable), and use this to calculate a monthly amount.

It will be up to a maximum of £2,500 per month for 3 months.

We’ll pay the grant directly into your bank account, in one instalment.

How to apply

You cannot apply for this scheme yet.

HMRC will contact you if you are eligible for the scheme and invite you to apply online.

Individuals do not need to contact HMRC now and doing so will only delay the urgent work being undertaken to introduce the scheme.

You will access this scheme only through GOV.UK. If someone texts, calls or emails claiming to be from HMRC, saying that you can claim financial help or are owed a tax refund, and asks you to click on a link or to give information such as your name, credit card or bank details, it is a scam.

After you’ve applied

Once HMRC has received your claim and you are eligible for the grant, we will contact you to tell you how much you will get and the payment details.

If you claim tax credits you’ll need to include the grant in your claim as income.

Other help you can get

The government is also providing the following additional help for the self-employed:

• deferral of Self Assessment income tax payments due in July 2020 and VAT payments due from 20 March 2020 until 30 June 2020
• grants for businesses that pay little or no business rates
• increased amounts of Universal Credit
• Business Interruption Loan Scheme

If you’re a director of your own company and paid through PAYE you may be able to get support using the Job Retention Scheme.

[Rough Hewn]

Les you're a proper gem.
[emoji106][emoji106][emoji106]

[Gray git]

Clearly about as helpful to the self employed as ever.

[IronMike]

And for those of us with a growing business who just started last year..... ?????

[Rough Hewn]

And for those of us with a growing business who just started last year..... ?[emoji1596][emoji1361]

Yup. My regular subbie is in the same boat. Less than 1 year trading.
[emoji107][emoji107][emoji107]

[eggsarascal]

42 minutes ago, Rough Hewn said:

Yup. My regular subbie is in the same boat. Less than 1 year trading.

Dole money for him. Sad but true.

[swinny]

Why not include 2019-2020 after all it's due to be filed soon.... Ends in a few days! Daft

[AA Teccie (Paul)]

On the Martin Lewis show last night he was directing people to Universal Credits where the don't meet the criteria for the SeIS Scheme.

 

See

Coronavirus Financial Help & Rights

WWW.MONEYSAVINGEXPERT.COM

---

There are now over 1,500 officially confirmed cases of coronavirus in the UK and, sadly, 71 deaths. Many are...

 

 

Don't dismiss universal credit (and other benefits). The changes are bigger than you think – especially for housing costs

Universal credit is a benefit which is available to many employed and self-employed workers, either if you're on low income of if you're unemployed (including if you were on a higher income, but that income has now either stopped or been reduced).

Amid the current crisis, the Government has increased the standard allowance AND removed the minimum income floor (which benefits the self-employed).  

So from Monday 6 April, if you're single and 25 or over, you can get a monthly standard allowance of up to £409.89 (both new and existing claims). Over a year, that's £4,918. Before the crisis, this yearly allowance was £3,813.

You may get more or less than the standard allowance dependent on your earnings (or your partner's if you live with them), whether you’ve got children, and other factors.

One of these factors is the amount of savings you've got. If you or your partner have combined savings of more than £6,000 you'll get less universal credit, and if you've (and your partner) got savings of £16,000 or over you won't be eligible for universal credit at all.

[Ian88]

I would be pretty happy with that, its in line with the employed. Affraid its never going to work for every one.

I think cash injection to all of 1-2k would realy help a lot of people out if it could be done ASAP.

[topchippyles]

I really would advise anybody to just spend an hour or two and take a look here as martin lewis is a genius and please please sign up to his news letter. He is the guy who beat the banks on PPI claims and cost them billions of pounds. He is that good reminds me of me  ? ?️

 

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Edited March 27, 2020 by topchippyles