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A guide to the Self-Employed Income Support Scheme

A guide to the Self-Employed Income Support Scheme (SEISS)

The Self-employment Income Support Scheme (SEISS) is a temporary scheme set up by the government to help self-employed people.

It was initially set up for three months, but it may be extended, to help the self-employed survive the coronavirus pandemic.

While you’ll still owe Income Tax and National Insurance on any money you get through the SEISS, it’s a grant rather than a loan.

This means you won’t need to pay it back.

How much will you get under the SEISS?

SEISS gives self-employed people and members of partnerships the following support:

How to work out your trading profits for SEISS? 

If you’re self-employed, HMRC will work out your trading profit after allowable business expenses.

They’ll do this by adding any losses brought forward from previous tax years to the amount shown on your tax return as ‘total taxable profits from this business’.

If you’re a member of a partnership, HMRC will work out your share of the partnership’s profit after adjustments.

Who can claim under the Self-Employed Income Support Scheme?

The scheme has been set up to provide financial support to self-employed people and people in partnerships who’ve been ‘adversely affected’ by the coronavirus pandemic.

HMRC will work out if you’re eligible, but you can use the online eligibility checker to find out the likely outcome.

Make sure you have your Self-Assessment Unique Taxpayer Reference (UTR) number and National Insurance number to hand.

You need to:

What does ‘adversely affected by coronavirus’ mean?

According to the government website, ‘adversely affected’ means, for example:

You can’t work because:

Make sure you have the following information to hand when you claim:

Make sure you keep a copy of all records associated with your claim, the same as you would for all your other self-employed records. You should keep a record of:

 

As ever, The Hollies Bookkeeping Services is here to help you with any of the above and any other accounting or bookkeeping queries you may have.

We are still working during the lockdown and are infact classed as key workers. Please call us on or email 07981 849571 or email info@theholliesbookkeeping.co.uk