COVID-19: Self-Employment Income Support Scheme (SEISS) update

From 4 May 2020, HMRC have started to contact people who may be eligible for the Self-Employment Income Support Scheme (SEISS).

If eligible, you may be able to claim a taxable grant worth 80% of average trading profits, up to £7,500 (covering three months of profits). This amount will be paid in a single instalment.

Are you eligible?

You will need to meet some requirements to be able to receive support from the government. The following measures are needed to qualify:

  • You earn at least half of your income through self-employment
  • Your business is severely affected by coronavirus
  • You traded in the tax year 2019 to 2020 and intend to continue trading
  • Your trading profits do not exceed £50,000 per year
  • You traded in the tax year 2018-2019 and submitted your self-assessment tax return on or before 23 April 2020 for that year

How might HMRC contact you?

HMRC may check previous tax returns to establish eligibility and may get in touch with you via email, text or letter.

How can we help?

If you are looking for further advice on the SEISS or would like to find out more on the requirements, please get in touch with Matthew Spencer matthewspencer@lubbockfine.co.uk or your usual Lubbock Fine contact.

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COVID-19: Bounce Back Loan Scheme (BBLS)
COVID-19: Coronavirus Job Retention Scheme (CRJS)

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