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Business support available from next week

The Government is contacting businesses who may be eligible for its Self Employed Income Support Scheme (SEISS).

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Business support available from next week

Claims under the scheme can be made from next Wednesday (13 May), with funds expected to be in bank accounts by the end of the month.

 

Mirroring the furlough scheme for employees, the SEISS pays 80 per cent of average trading profits to the self-employed including sole traders and partnerships up to an initial £7,500 for three months.

 

The scheme is designed for businesses that have been hit by coronavirus.


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Claims can be made through the Tax Service website where claimants will be asked to enter their Unique Taxpayer Reference number and Government Gateway account details.

 

Claimants must have traded in the 2018/19 tax year and submitted a tax return for the 2019/20 tax year and have trading profits of less than £50,000 to be eligible for the support.

 

It is likely that support of up to £25,000 will also be available for small limited businesses soon.

 

"It should be easy for HMRC to set up a system whereby Limited company owners could claim the equivalent of SEISS,” said Andrew Jackson of accountants Fiander Tovell and chair of the tax panel of the UK2200Group, which represents independent accountants.

 

Tax return

 

“The system poses no particular risk of fraud and HMRC can check all the information for accuracy as they have access to the individual’s tax return and company report and accounts.

 

"This is exactly how normal tax returns work, and indeed how the furlough system works. All that is required is the political will and we welcome the news that the Chancellor is looking at ways to address this issue”

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