If you're self-employed or a member of a partnership and have been adversely affected by coronavirus (COVID-19) you may be able to use the
Self-Employment Income Support Scheme 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.
If you receive the grant you can continue to work, start a new trade or take on other employment including voluntary work, or duties as an armed forces reservist.
The grant will be subject to Income Tax and self-employed National Insurance. There is
other support available if you’re not eligible for the grant.
If you’re eligible, HMRC will aim to contact you by mid-May 2020 to invite you to claim using the GOV.UK online service. Payment will be made by early June 2020 if your claim is approved.
HOW TO CHECK ELIGIBILITY
To confirm your eligibility you can use the
HMRC checking tool. This will also confirm when you are able to claim from and asks you to enter your contact details. HMRC will use these contact details to tell you when to claim and what you need to do beforehand.
You will need an online HMRC account to claim online or to check your eligibility for the scheme (see details below on how to set one up if you don't already have one). HMRC have said that if you’re unable to claim online an alternative way to claim will be made available. The details have not yet been confirmed but we expect it to be by post.
The quickest way to claim is going to be online. However, HMRC have advised that claims cannot be submitted directly by tax agents such as Moore, so unfortunately we will not be able to submit these claims on your behalf.
HOW TO SET UP AN ONLINE HMRC ACCOUNT
We aware that many of you will not have an HMRC online account already, so please see instructions below on how to set this up:
- Go to https://www.gov.uk/log-in-register-hmrc-online-services/register and click on ‘Sign in to HMRC online services’
- Click on ‘Sign in’
- Click on ‘Continue to your account’ (this is right at the bottom of the page so you may need to scroll down)
- Click on ‘Create sign in details’
- You will then be prompted to enter an email address.
- HMRC will send a confirmation code to the email address entered which you will need to enter on the next screen.
- You will then be asked to enter your full name on the next screen (do this and click continue)
- It then asks you to create a password which must be between 8 and 12 characters, have at least one number (0 to 9), have at least one letter and not contain special characters.
- When completed HMRC will issue you with a unique ID reference. Please make a permanent note of this and the password as these will be required when you make the claim online.
If you have any problems registering for the online service or making the online claim please contact your usual Moore adviser.