Self employment income support scheme (SEISS) for Covid
Last updated 13 May 2020
The Government is offering support to self employed people as a result of the Covid crisis. This is called the Self employment income support scheme.
HMRC will tell you if you're eligible.
Tax returns for all years up to 2018/19 (ie for the period to 5 April 2019) must have been submitted in order to have the possibility of getting any money. The deadline for this was 23 April 2020. Here's how you confirm that you've submitted a return.
How does the SEISS work?
This is how the scheme works:
- More than half your earnings must have been from self employment
- You must have been self employed in the 2018/19 tax year, continued it this year (or would have done if it weren't for Covid) and intend to continue afterwards
- It will be paid as 80% of your monthly trading profits (what you earn less what you spend on your business) up to a maximum of £2,500 a month for three months
- This will be based on returns from previous years depending on when you started your business
- The money you get will count as income that you will need to pay tax on if you earn more than the personal allowance this year
- You will need to confirm that your business has been affected by Covid
I've submitted my returns. What happens next?
HMRC started contacting people on 13 May to let you know if you are eligible (we have no control over that).
You can check to see if you're eligible here.
Payments will be made some time later - we understand by 25 May. Applications will only be made on GOV.UK so you will need to do this yourself. HMRC have said you will need to apply for SEISS directly with them, so untied will probably be unable to help. We will let you know if this changes.
It is likely you will need to be able to log into your HMRC account - check that you can do this, or if you have forgotten your password, follow the instructions to reset it.