Breakdown Of: The Self-employment Income Support Scheme

Being self-employed is challenging at the best of times not to mention having to deal with the effects of Coronavirus, but there is support out there for everyone. At gHawk want to make it as easy as possible for everyone to access and understand the support provided by the government.

The Self-employment Income Support Scheme (SEISS) will support self-employed individuals. As well as members of partnerships who have lost income due to COVID-19.

This scheme will allow you to claim a taxable grant worth 80% of your trading profits up to a maximum of £2,500 per month for the next 3 months. This may be extended if needed.

How Much You Can Receive
You can receive up to 80% of your average profits from the last 3 tax years as below. The amount you receive will be a taxable grant. You will need your profits for the following periods where applicable:

6th April 2016 to 5th April 2017

6th April 2017 to 5th April 2018

6th April 2018 to 5th April 2019

The grant payable will be up to a maximum of £2,500 per month for 3 months. The scheme will start in June. We expect that HMRC will pay the grant sum directly into your bank account, in one instalment.

How to apply
You cannot apply for this scheme yet.

HMRC will contact you if you are eligible for the scheme and invite you to apply online.

Beware of Scammers
If you receive texts, calls or emails from anyone claiming to be from HMRC, saying that you can claim financial help or are owed a tax refund, and they asks you to click on a link or to give information such as your name, credit card or bank details, IT IS A SCAM.

You should not contact HMRC, doing so will only delay the urgent work being undertaken to introduce the scheme.

More information about this can be found on HMRC website. Let us know if this affects your business and we can provide further assistance. 

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