Self-employed workers will be able to access financial support on May 13 as the Self-Employment Income Support Scheme goes live. Here, Andrew Diver, head of tax, discusses the application process.
The eagerly awaiting scheme to assist individuals classed as self-employed throughout the outbreak of coronavirus is going live on May 13. It will allow individuals to claim a taxable grant of 80% of their average monthly trading profits of up to £7,500.
But this week workers were told that they could not apply through an agent despite the fact that accountants have been able to complete paperwork for the equivalent scheme for businesses furloughing workers.
This decision will be frustrating for many people who have always relied on us to help with paperwork and although the process is likely to be simple, these workers have waited patiently for help and there is the potential for panic the day the scheme launches.
We hope that HMRC will rethink the method of claiming and allow us to help the many self-employed workers access this scheme.
The online service will be available next week; however, workers can check if they are eligible for the payment now.
Those who are self-employed need to enter their Self-Assessment Unique Taxpayer Reference and National Insurance number. If eligible, HMRC will inform the applicant of the date they can make their claim from.
If the application is approved, the payment should be received within six working days.
The most important requirement for the application is to have a Government Gateway ID and password, and if you do not know your ID or do not have one yet, we recommend that you apply as soon as possible to avoid a delay in receiving payment.
While we cannot submit the claim on your behalf, we are here to answer any questions you have.
Full information on the scheme is available here: https://www.gov.uk/guidance/claim-a-grant-through-the-coronavirus-covid-19-self-employment-income-support-scheme
If you need advice, contact Beatons by calling 01473 659777 or email info@beatons.co.uk