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14 May 2020 14:36

Self-Employment Income Support HMRC

Coronavirus Northern Ireland: Applications for Self-Employment Income Support Scheme open early

Coronavirus Northern Ireland: Applications for Self-Employment Income Support Scheme open early The Government's world-leading scheme to support the self-employed has this week opened for claims – weeks ahead of schedule. From 8 am on Wednesday morning self-employed individuals or members of partnerships whose business has been adversely affected by coronavirus can apply for a Self-Employment Income Support Scheme (SEISS) grant worth 80% of their average monthly trading profits. "With payments arriving before the end of this month, self-employed across the UK will have money in their pockets to help them through these challenging times," he added. From this week, people will be able to make their claim on a specified date between 13-18 May, based on their Unique Tax Reference number. "It is therefore very welcome that the Government has managed to get this new scheme in place ahead of schedule, and that a section of the freelance community can now get the help they need early.

"We are delighted that the government has heeded much of IPSE's advice by setting up the Self-Employment Income Support Scheme, which extends a much-needed lifeline to those self-employed people who are eligible for it," Derek added. "The Government's support package to date has been targeted at businesses so the self-employed will be welcoming this cash boost at a time when they need it most," Brian added. The Government's world-leading scheme to support the self-employed has opened for claims – weeks ahead of schedule. From 8am yesterday (Wednesday) self-employed individuals or members of partnerships whose business has been adversely affected by coronavirus will be able to apply for a Self-Employment Income Support Scheme (SEISS) grant worth 80 per cent of their average monthly trading profits. Millions are expected to benefit from the scheme with the payments – to be paid in a single instalment covering three months and capped at £7,500 – expected to land in bank accounts within six working days of each claim.

Everyone eligible for the SEISS, which is one of the most generous support schemes announced by any government in response to coronavirus, will be able to receive the government grant by 25 May, or within six days of a completed claim. The Chancellor of the Exchequer, Rishi Sunak, said: "We're working ahead of time to deliver support to the self-employed and from today, applications open for the millions of people eligible for the scheme. "With payments arriving before the end of this month, self-employed across the UK will have money in their pockets to help them through these challenging times." HMRC has assigned eligible self-employed individuals a specific date to apply on and this can be checked on HMRC's online checker. The SEISS is part of a comprehensive package of support for self-employed people, including Bounce Back loans, income tax deferrals, rental support, increased levels of Universal Credit, mortgage holidays and the various business support schemes the government has introduced to protect businesses during this time. It is therefore very welcome that the Government has managed to get this new scheme in place ahead of schedule, and that a section of the freelance community can now get the help they need early.

We are delighted that the government has heeded much of IPSE's advice by setting up the Self-Employment Income Support Scheme, which extends a much-needed lifeline to those self-employed people who are eligible for it." Brian Berry, Chief Executive of the Federation of Master Builders said: "The self-employed account for 40% of the construction workforce so the Government's decision to bring forward the payment to the end May will be very welcome news for the many independent tradespeople who operate in construction. The Government's support package to date has been targeted at businesses so the self-employed will be welcoming this cash boost at a time when they need it most." If you're self-employed or a member of a partnership and have been adversely affected by coronavirus (COVID-19) the government have launched a grant scheme. The scheme will allow individuals to claim a taxable grant of 80% of your average monthly trading profits, paid out in a single instalment covering 3 months, and capped at £7,500 altogether. You can check if you can claim a grant through the Self-Employment Income Support Scheme here, you will need your Unique Tax Reference number and National Insurance number. Small businesses can apply for new Bounce Back Loans, up to a maximum of £50,000, or 25% of turnover, with the government paying the interest for the first 12 months.

Rishi Sunak said the new Bounce Back Loans scheme, which will provide loans of up to £50,000, would help bolster the existing package of support available to the smallest businesses affected by the coronavirus pandemic. Applications worth more than £340 million were lodged in the first four hours and payments should arrive within six working days, the Government said. More than 110,000 self-employed workers have applied for income support grants within hours of the Government's new scheme being launched. HM Revenue & Customs (HMRC) said applications worth more than £340 million were lodged within the first four hours after the self-employment income support scheme (SEISS) opened on Wednesday. The scheme offers grants worth up to 80% of average trading profits for self-employed workers stuck at home due to coronavirus, paid in a single instalment capped at £7,500 to cover three months of lost income.

It is the biggest direct financial support package for freelancers and the self-employed – including plumbers, builders and hairdressers – since the lockdown started, and claims for lost work can be dated back to March. Everyone eligible for the SEISS will be able to receive the Government grant by May 25, or within six days of a completed claim, it added. Chancellor Rishi Sunak said: "With payments arriving before the end of this month, the self-employed across the UK will have money in their pockets to help them through these challenging times." "We are delighted that the Government has heeded much of IPSE's advice by setting up the self-employment income support scheme, which extends a much-needed lifeline to those self-employed people who are eligible for it." Mike Cherry, national chairman of the Federation of Small Businesses, said: "The self-employment income support scheme represents a lifeline for the millions of self-employed people who are expected to qualify. "It is a slightly different scheme which I was clear about at the beginning, but what I would say to those people, millions of those people who are eligible, ahead of schedule the scheme is now open, they can apply this week, they'll be getting the emails and they will have the same amount of support based on their historical earnings… by the end of the month." HMRC has released guidance on the COVID-19 Self-employment Income Support Scheme. Under the scheme, self-employed individuals will be able to claim a taxable grant based on an average of their earnings over the past three years.