The government grant scheme for the self employed is set to launch on the 13th May and to qualify for the taxable grant calculated at 80% of your profits for a 3 month period you will need to check if you qualify on the HMRC eligibility checker gov.uk/hmrc/self-employment-income-support-scheme
The qualifying criteria are as follows:-
- You must have filed a 2018/19 tax return
- Your self employed income must be more than 50% of your total income reported on either your 2018/19 tax return or, if not, the average of your 2016/17, 2018/19 and 2018/19 tax returns
- Your average trading profit must be less than £50,000 per year
HMRC will check the 2018/19 figures in the first instance for eligibility and then look back if necessary to see if you qualify using the average method.
You will also need to confirm that you continued to trade in 2019/20, intend to continue in 2020/21 and that your trade has been adversely affected by coronavirus.
To access the scheme above you will need your Unique Tax Reference (UTR) and National insurance number together with an email address for contact purposes. This will lead to creating a government gateway user ID and password. If you already have a government gateway ID you should still follow the instructions above and you will be given a time and day to log on to the above email address and make your claim.
When you make your claim through this website you will need to enter your bank details so that HMRC can pay the grant to you. If your claim is approved you will receive the payment within 6 working days. This grant covers the months of March to May and it is possible that it may be extended further. It will be subject to Income Tax and National Insurance.
Don’t worry if you are unable to claim online as an alternative telephone method will be available although full details of this have not yet been released.
Important: Only use the official website listed above for your claim. Please beware of malicious scam emails claiming to be from HMRC offering financial help or a tax refund and asking you to click on a link to give personal information . This will be a scam and you will need to report it to phishing@hmrc.gov.uk.
Steph Silcock
Alison Unsworth
We’re here to help
With all the legislative changes and updates over recent days in these ever changing and uncertain times, our teams are briefed and here to help you and your business.
Whilst our physical offices are closed following the ‘lock down’ advice, the team at NR Barton are working remotely from home. If you have any questions you should not hesitate to contact your engagement partner or manager who will be happy to assist; our contact details can be found here.
For anyone unsure of who to contact, we are still answering phones (01942 242245) and we are answering emails to accounts@nrbarton.co.uk.
We’re here to help.
All the best
The NR Barton team
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