Have you made your claim for SEISS yet?
HMRC has formally opened the portal yesterday (13 May) for the Self-Employment Income Support Scheme (SEISS).
If you have not already checked your eligibility, please do so very soon using this link
If the checker confirms that they are eligible (and they qualify due to being affected by coronavirus and because they intend to continue trading), you will be given a date when you make the claim.
As mentioned previously to apply for the grant you will need a Government Gateway Account. As your accountants we are not permitted to make the claims on your behalf.
Opening a Government Gateway Account
HMRC guidance indicates that you will require the following to make your claim:
- Your National Insurance Number and UTR
- Your Government Gateway ID and Password
- Bank account number and sort code for payment
If you do not have a Government Gateway ID and most of you will not because we have been submitting your tax returns for you, you can create one when you make a claim. It is a very simple process and again you will need the first two items above and your passport or drivers’ licence.
You will find the National Insurance Number & UTR on the front page of your Tax Return
The SEISS will allow taxpayers to claim a taxable grant of 80% of their average monthly trading profits, paid out in a single instalment covering 3 months, and capped at £7,500 altogether. HMRC has already worked these figures out from the information that they hold for you. Please note you will not be eligible if your average annual profits are more than £50,000. Also if you operate through a company and are a director you do not qualify for this scheme.
HMRC will check claims and take appropriate action to withhold or recover payments found to be dishonest or inaccurate.
Once the claim has been submitted the taxpayer will be notified straight away if the grant is approved. HMRC will pay the grant into the nominated bank account within 6 working days.
Just like the job retention scheme portal we hope the SEISS portal will cope with the high expected demand.