Are you self employed? Has your business suffered because of Covid19? Did you miss out on previous SEISS grants?
If yes, look out for texts, calls, letters or emails from HMRC regarding this SEISS (Self Employment Income Support) scheme. It is important you respond as soon as possible.
HMRC have written to some tax payers where they need to make further checks on their eligibility after processing their 2019-20 Self Assessment returns. If you are among them, you will likely be asked to provide proof of identity and evidence of trade, e.g. three months of bank statements from the business accounts for the 2019-20 tax year.
From mid-April, HMRC will also contact tax payers if they believe they may be eligible for the fourth SEISS grant, providing them with their personal claim date. Then you can make your claim from this personal claim date in late April, until the claims service closes on 1 June 2021.
Apply on your Claim Date.
You should not apply before your personal claim date, as it will not be processed. This is to ensure the system is fast and easy to use for everyone on their given date, and that telephone support continues to be available for those who need it most.
You will need your government gateway details to apply, so prepare now and make sure you can log-in.
Might you qualify?
To be eligible for the fourth SEISS grant, self-employed individuals (including members of partnerships) must:
- Have submitted their 2019-20 tax return on or before 2 March 2021.
- Have trading profits that are no more than £50,000 and at least equal to their non-trading income, based on their 2019-20 tax return or an average of relevant tax years between 2016-17 and 2019-20.
- Declare that they intend to continue to trade and are either currently trading but are impacted by reduced activity, capacity or demand due to coronavirus, or have traded previously but are temporarily unable to do so due to coronavirus.
- Declare that they have a reasonable belief that there will be a significant reduction in their trading profits due to reduced business activity, capacity, demand or inability to trade due to coronavirus.
Feel free to give our experts at BPB Accountants a call on 01322 555530 and talk it through.
The Chartered Institute of Tax website guidance is very helpful, click here to read more details: