Give us your details and we’ll be in touch asap

Insights

All Articles

Business Services

Business Tax

Personal tax

Probate and Inheritance Tax

VAT

Business Tax  •  Coronavirus Advice  •  government  •  Personal tax

Update on the Self Employment Income Support Scheme

By RJP LLP on 4 May, 2020

This week, HMRC is starting to send out notifications to those who are eligible for the Self-Employment Income Support Scheme. If you believe you will qualify for this, you should look out for a notification.

You will be able to make a claim from 8am on Wednesday 13 May 2020 for a taxable grant which HMRC will calculate for you. This will be worth 80% of the trading profits included on your self-assessment for the year ended 5 April 2019, up to a maximum of £7,500.

You can claim providing you:

  • have submitted your 2019 self assessment;
  • are trading in the current tax year;
  • are trading when you apply, or would be except for coronavirus;
  • intend to continue to trade in this tax year; and
  • have lost trading profits due to coronavirus.

When you receive the notification, it will include a link which asks for your UTR (unique taxpayer reference) and your national insurance number, so you should make sure you have these to hand.

The claim is made through your personal Government Gateway account, so can’t be done for you by anyone else. Therefore, if you don’t have an account already set up, it would be a good idea to do that now to be prepared, as it can take a little time.

For more information or advice please contact partners@rjp.co.uk

Read more articles like this

Summer Budget 2020 Update

VAT payment holiday window ends on 30 June 2020

Domestic reverse charge VAT rules are delayed until 2021

The Updated Furlough Scheme – claims for June and July 2020

How can Covid-19 present an opportunity for employee share schemes?

Share this:

All Articles

Business Services

Business Tax

Personal tax

Probate and Inheritance Tax

VAT

Image

31 July 2020 - Normally an important deadline!

All taxpayers due to make self-assessment tax payments on 31 July 2020 can now delay their payment due to the disruption caused by Coronavirus. This includes self-employed taxpayers and also company directors who pay self-assessment tax on dividend income.

Read more in our coverage of Coronavirus and business support from the Government.