The government have confirmed that applications to the Self-Employed Scheme will open on 13 May 2020.
Under this scheme, self-employed business owners who earn under £50,000 per annum and make at least half of their income via self-employment will be eligible for the scheme.
The exact eligibility criteria is as follows:
• you’re a self-employed individual or a member of a partnership
• you traded in the tax year 2018 to 2019 and submitted your Self Assessment tax return on or before 23 April 2020 for that year
• 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
If you are unsure if you are eligible, simply contact one of our team for further information. You can also use this handy HMRC tool to determine eligibility.
The scheme is only for self-employed people who have been adversely affected by coronavirus and HMRC have produced the following examples of such circumstances:
• you’re unable to work because you:
• are shielding
• are self-isolating
• are on sick leave because of coronavirus
• 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 or clients
• your staff are unable to come in to work
The application process will be somewhat similar to the furlough scheme launched last month.
The portal will open on 13 May 2020 and payments will start to flow through six working days after this point.
In order to make applications, you must have the following information to hand:
• Your Self Assessment Unique Taxpayer Reference (UTR)
• Your National Insurance number
• Government Gateway login details
• bank account number and sort code you want us to pay the grant into
Please note that we will be able to make applications on behalf of our clients.
In this circumstances, we will already have your UTR and should have your National Insurance Number (but please provide this if not) and hence we should only require your authority to request a rebate into the provided bank account.
If you have any questions regarding the scheme, please contact our team for more information.
Coronavirus Support Team