HMRC have now issued further guidance on how to access the self-employed grant, which has been introduced as a result of COVID-19.
You will be eligible to claim the grant if you are self-employed or a member of a partnership and:
HMRC will firstly look at the profits shown on the submitted 2018/19 tax return to determine whether an individual is eligible. To be eligible, profits must be under £50,000 and must represent at least half of the individual’s taxable income.
You or your tax adviser can check whether you are eligible for the grant by going to the HMRC online eligibility tool found here.
You will need to enter your unique taxpayer reference (UTR) which is your 10 digit reference used to file your self-assessment tax returns, and your National Insurance number. If you are eligible to claim the grant, you will receive the following message:
“You will be able to claim from 8am on  May 2020. To get ready, you need to add your contact details. We will use these to tell you when to claim and what you need to do beforehand”.
[Please note that the date of eligibility will vary from claimant to claimant.]
In order to undertake this next step you will need to have a Government Gateway account to allow you to sign in and add your contact details. If you do not already have a Government Gateway account, you can create one very easily. The steps are:
Your tax agent is not going to be able to make the claim on your behalf, so it is vital that all of the mechanics are in place to enable you to submit the claim as soon as it is open to you. Once you have submitted the claim you will be told straightaway if the grant is approved. HMRC will pay the grant into your bank account within six working days. The grant will be 80% of your average monthly trading profits paid out in a single instalment covering three months and capped at £7,500. This sum will be subject to tax and National Insurance in your 2020/21 tax return. You should therefore keep copies of all records pertaining to the grant.
If you are unable to claim online, an alternative method will be available. HMRC has confirmed they will issue details of this alternative claim route in due course.
If you would like to discuss the support available, or have any other queries, please get in touch with your usual Wilkins Kennedy contact.
Please also refer to our insights page for further COVID-19 related information, which is regularly updated with the latest news, insight and details of the economic support and measures as they are announced by our Government.
The Chancellor has announced £1.25bn of support for start-up businesses.
Today, 12 May, the Chancellor announced that the Government’s Coronavirus Job Retention Scheme (CJRS) will remain open until the end of October...
Good governance is more important than ever, but this involves us adapting our governance to best fit the circumstances (internal, local and national)...
HMRC have now issued further guidance on how to access the self-employed grant, which has been introduced as a result of COVID-19. Read our latest insight to check whether you are eligible to claim...
Funding Circle, a peer-to-peer lending platform, has announced its addition to the British Business Bank’s list of accredited lenders giving businesses another route to access the Coronavirus Business Interruption Loan Scheme (CBILS).