Originally written by Timothy Adler on Small Business
HMRC will open the Self-Employed Income Support Scheme (SEISS) earlier than expected on May 13.
The taxman has already begun notifying the self-employed if they are eligible for the SEISS.
Previously chancellor Rishi Sunak had announced the scheme would open in June.
The claim service will open on May 13 and payments to eligible workers will be made by May 25, or within six working days of completing an application.
Approved claims through the self-employed income support will be made within six working days.
The Self-Employed Income Support Scheme will allow you to claim a taxable grant of 80 per cent of your average monthly trading profits, paid out in a single instalment covering three months, and capped at £7,500 altogether.
>See also: Self-employed Income Support Scheme what it means for you
HMRC says this temporary scheme may be extended.
The grant will be subject to Income Tax and self-employed National Insurance.
You can check if you’re eligible to claim through the HMRC website here.
Self-Employed Income Support
While the accelerated scheme will be welcomed by the 3.8m self-employed workers thought to be eligible, the government’s decision to press ahead with the Self-Employed Income Support Scheme disappoint up to 2m people who it has been estimated will not qualify for the bailout. Workers unable to claim for the bailout include people who, on average, have earned more than £50,000 a year.
Although the Association of Independent Professionals and the Self-Employed (IPSE) welcomed news that self-employed people are being told early if they are eligible for government support, it urged the government to get payments to them too.
Andy Chamberlain, IPSE policy director, said: “We hope the government will also bring forward the payment date, to get money into these struggling self-employed businesses as soon as possible.
“While many self-employed people will get a wave of relief from receiving these early notifications, it is vital we do not lose sight of the many others who are not getting the support they need. Limited company contractors, the newly self-employed and those who have earned just over £50,000 a year have been left out in the cold and urgently need more financial support.
“The self-employed are an extremely varied and vital section of the workforce and the government must keep innovating until it has pulled all parts of it out of the mire.”
Further reading
Treasury bails out small businesses in co-working spaces
HMRC opens self-employed income support early on May 13
via https://ift.tt/2Jn9P8X by Timothy Adler, Khareem Sudlow
