Applications for Self-Employment Income Support Scheme opens

The government’s scheme to support the self-employed has today opened for claims – weeks ahead of schedule.

From Wednesday 13th May 2020, self-employed individuals or members of partnerships whose business has been adversely affected by coronavirus will be able to apply for a Self-Employment Income Support Scheme (SEISS) grant worth 80% of their average monthly trading profits.

Millions are expected to benefit from the scheme with the payments – to be paid in a single instalment covering three months and capped at £7,500 – expected to land in bank accounts within six working days of each claim.

Everyone eligible for the SEISS will be able to receive the government grant by 25th May, or within 6 days of a completed claim.

People will be able to make their claim on a specified date between 13th -18th May, based on their Unique Tax Reference number. HMRC has assigned eligible self-employed individuals a specific date to apply on and this can be checked on HMRC’s online checker.

Eligibility 

Check if you are eligible for the scheme here.

Individuals are eligible if their business has been adversely affected by coronavirus, they traded in the tax year 2019 to 2020, intend to continue trading, and they:

• earn at least half of their income through self-employment
• have trading profits of no more than £50,000 per year
• traded in the tax year 2018 to 2019 and submitted their Self Assessment tax return on or before 23 April 2020 for that year

HMRC calculate the amount to be paid to each eligible claimant based on an average of the tax returns for 2016/17, 2017/18 and 2018/19.

The Chancellor of the Exchequer, Rishi Sunak, said: "We’re working ahead of time to deliver support to the self-employed and from today, applications open for the millions of people eligible for the scheme.

"With payments arriving before the end of this month, self-employed across the UK will have money in their pockets to help them through these challenging times."