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Why choose HGH?

Self-employment Income Support Scheme (SEISS)

Posted: 7th May 2020 by Clair Watmore Coronavirus, self employed, Taxation

The scheme the Chancellor has announced is expected to cover around 95% of current self-employed business people, but there are a number of self-employed who will not be covered.

Who can claim

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

  • you traded in the tax year 2018 to 2019 and submitted your 2018/19 Self Assessment tax return on or before 23 April 2020
  • you traded in the tax year 2019 to 2020
  • you intend to continue to trade in the tax year 2020 to 2021
  • you carry on a trade which has been adversely affected by coronavirus

Your business could be adversely affected by coronavirus if, for example:

  • you’re unable to work because you:
    • are shielding
    • are self-isolating
    • are on sick leave because of coroanavirus
    • have caring responsibilities because of coronavirus
  • you’ve had to scale down or temporarily stop trading because:
    • your supply chain has been interrupted
    • you have fewer or no customers
    • your staff are unable to come in to work

Who is unable to claim

Those who will be unable to make a claim are:

  • Directors or owners of Limited companies.  This scheme is only for sole traders, partnerships and LLPs
  • Those who have not yet submitted their 2018/19 Tax Return
  • Those with a taxable trading profit of over £50,000 in 2018/19, or more than £50,000 on average for 2016/17, 2017/18 and 2018/19
  • Those whose self-employment income forms less than 50% of their overall income
  • Those operating a trade through a trust
  • If you’re already above the state aid limit, or if claiming the grant would take you above those limits (the maximum level of aid a business may receive under the Temporary Framework is €800 000 (€120,000 per undertaking active in the agriculture and aquaculture sector or €100,000 per undertaking active in the primary production of agricultural products).

Other help you can get

There is other support available if you’re not eligible for the grant:

  • You can claim for Universal Credit
  • Deferral of Self Assessment Income Tax and VAT payments
  • Grants for businesses that pay little or no business rates
  • Business Interruption Loan Scheme
  • Bounce Back Loan Scheme

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

And finally please remember…

If you receive texts, calls or emails claiming to be from HMRC, offering financial help or a tax refund and asking you to click on a link or to give personal information, it is a scam. You should email it to phishing@hmrc.gov.uk and then delete it.