HMRC have advised that the Self-Employment Income Support Scheme that is designed to pay 80% of trading profits, up to a maximum of £7,500 is about to go live. They will be contacting eligible self-employed people in the next couple of days with more information about the claims process.

The process is quick and easy to follow, however HMRC are asking accountants and tax advisers to help our clients, guiding them through the eligibility criteria and the process for checking and claiming.

How can we help you?

We can play an important role in supporting you by helping you get ready to claim, by:

  • talking through why you may / may not be eligible
  • helping you to find the details you need
  • using the online eligibility checker on your behalf (or supporting you to use it yourself).

Under the rules of the scheme, not every self-employed person will be able to claim, and although you must complete the claim yourself, we can guide you.

See the HMRC updated guidance on GOV‌.UK for information on eligibility, how they will make a claim and how we calculate the grants.

Those who are ineligible

This is a very challenging time and some people may be disappointed if they are not eligible. If you are not eligible we may be able to help find alternative support. You may be able to:

  • delay VAT payments
  • delay Self Assessment payment on account
  • arrange to pay you Self Assessment tax bill in instalments
  • get a payment from the Small Business Grant Fund
  • get a loan from the Business Interruption Loan Scheme or Bounce Back Loan
  • get Universal Credit
  • apply for Employment and Support Allowance (ESA)
  • apply for Child Benefit.

HMRC say that they have worked hard to ensure that they have identified the right people who are eligible, and if they have missed tax payers off the list they will be able to ask for a review, or we can ask for a review on your behalf. If you ask for a review, HMRC will look at your case from 18‌‌ May and explain your eligibility by the end of May.

Scams

HMRC are aware of an increase in scam emails, calls and texts. Eligible customers will be invited to claim through GOV‌.UK – it is the only service they can use. If someone gets in touch with you claiming to be from HMRC, saying that financial help can be claimed or that a tax refund is owed, and asks them to click on a link or to give information such as their name, credit card or bank details, you should not respond. It is a scam.

Suspicious emails claiming to be from HMRC should reported by sending them to phishing@hmrc.gov.uk. Texts should be sent to 60599.

As always, if we can help please get in touch in the usual way, or contact us here.