HMRC have now started to contact those who are eligible for the self-employed support by email, text or letter.

In the meantime you do not need to wait to hear from HMRC, you can check your eligibility on the HMRC website by following this link. This will mean you will get your application started and, if eligible, receive your money sooner.

Here is the information you will need:

  • Your Unique Taxpayer Reference (UTR) and your National Insurance number. These will be on any HMRC correspondence or your tax return. If you cannot find these please call us and we will be able to give them to you
  • The bank details for where you want the grant to be paid and your government gateway details (if you do not have a government gateway account you can set one up as part of the process)

Once you have confirmed you are eligible, you will be given a date and time to make an application. Applications open this Wednesday, 13th May.

HMRC have confirmed that you have to make the application yourself. Your accountant is not able to do it for you.

Applications are to be made online, although we understand HMRC are working on alternative methods that will be announced in due course.

Once your claim is approved, HRMC expect you to receive payment within six working days.

As a brief reminder, you are eligible if all of the following are true:

  • You are self-employed
  • You receive the majority of your income from self-employment
  • Your average trading profits are no more than £50,000 based on the last three years of tax returns submitted
  • Your business has been adversely affected by coronavirus

The grant will pay out 80% of your average monthly trading profits up to a maximum of £2,500 per month. It will be paid in a single instalment to cover three months and capped at £7,500 in total for now. It may be extended in the future.

The grant is taxable and will need to be included on your 2020/21 tax return so please make sure you keep details of:

  • The amount claimed
  • he claim reference number
  • Evidence that your business has been adversely affected by coronavirus

Stay safe and well

The Clear Vision Team