HMRC starts contacting claimants who may be eligible for the COVID-19 Self-Employment Income Support Scheme

New scheme will open on 13 May 2020, with those eligible receiving money by 25 May 2020 or within six working days of completing their claim

HMRC has started contacting claimants who may be eligible for the government's Self-Employment Income Support Scheme (SEISS) which is due to open for applications on 13 May 2020.

Announced by the Chancellor on 26 March 2020, the SEISS allows self-employed people who have been adversely affected by coronavirus (COVID-19) to claim a taxable grant of 80 per cent of their average monthly trading profits, paid out in a single instalment covering three months, and capped at £7,500 altogether.

Advising that it has now started contacting people who may be eligible, HMRC highlights that they must have traded in the tax year 2019/2020 and intend to continue trading, and that they must - 

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

NB - HMRC adds that people can check their eligibility for the scheme using a new online tool on gov.uk

HMRC also confirms that where a person is eligible, payments will be made into their bank account by 25 May 2020, or within six working days of completing a claim.

For more information see Self-employed invited to get ready to make their claims for coronavirus (COVID-19) support from gov.uk