The scheme is designed to help self-employed individuals or those in a partnership whose business has been adversely affected by the coronavirus pandemic, with those eligible able to claim a taxable grant worth 80% of their average trading profits up to a maximum of £7,500 (equivalent to three months’ profits) in a single instalment.
Claims can be submitted online from Wednesday May 13, and HMRC said payments will reach bank accounts by May 25, or six working days after a claim is made.
HMRC said it is using information that customers have provided in their 2018-19 tax return – and returns for 2016-17 and 2017-18 where needed – to determine eligibility. Applicants can check their own eligibility now at https://www.gov.uk/guidance/claim-a-grant-through-the-coronavirus-covid-19-self-employment-income-support-scheme and will need their Self-assessment Unique Taxpayer Reference (UTR) number and National Insurance number.
Claims can be submitted from May 13 by those who are a self-employed individual or a member of a partnership and:
To make a claim, applicants will need: