On Wednesday 13 May the claims system for the Self-Employed Income Support Scheme (SEISS) went live. More detailed information about the SEISS scheme can be found here https://srcadvisory.com/how-to-claim-a-grant-through-the-self-employment-income-support-scheme/
The claims system has been designed to be simple to use and HMRC will calculate the amount you are entitled to, based on the information HMRC already hold on your tax affairs and which they used to determine your eligibility on the on-line eligibility checker. More information on the SEISS checker can be found here https://srcadvisory.com/how-to-claim-a-grant-through-the-self-employment-income-support-scheme/
Check your eligibility
In order to make a claim you need to set up a Government Gateway account. We can advise you on how to do that. Once you have that we can check your eligibility for you and ensure HMRC has your up to date email address.
If the SEISS checker gives you a negative decision, you can seek a review of HMRC’s decision around your eligibility, by using the form available when the checker confirms this result. We are, of course, happy to do this for you. HMRC will review your case and either confirm your eligibility or the reason(s) for your ineligibility by the end of May.
HMRC claim that the SEISS checker has an extremely high accuracy rate, although there has been much comment on-line and among accountancy professionals that this may not necessarily be correct. On occasions, it has given a negative decision one day and a positive one on the following day.
Make the claim
Assuming you qualify, HMRC will send you an email with a claim date between 15 and 18 May. This date is assigned randomly in order to help HMRC manage demand on the service so that everyone who needs to make a claim can do so. Some of our clients have already been contacted by HMRC by email and invited to make their online SEISS claim.
While you won’t be able to apply before the allocated claim date, you will be able to make a claim after that day.
When you begin the application process, you will be shown how HMRC has calculated the grant you are due to receive. You will be able to share this calculation with us. However, If you wish to seek a review of HMRC’s calculation, you can do so on line. We can also do this on your behalf via the HMRC Agents’ Portal.
Get the money
HMRC will transfer the amount of the SEISS claim to the bank account you designated during the claim application by 25 May, or within six days of a completed claim.
That’s it (or is it)?
In a recent interview with the BBC the Chancellor, Rishi Sunak, was asked if he would extend the life of the SEISS scheme and replied: “We’re looking at the best thing to do but… the reason for that is slightly different in that many of those self-employed people are not in sectors which are necessarily closed or have an employer who has reduced their hours.”
By contrast the Coronavirus Job Retention Scheme for employees has been extended to the end of October.
SRC-Time are one of the South East’s leading accountancy firms in advising individuals and businesses in all aspects of their accounting and tax affairs and we are able to assist in any issue raised above.
Our expert team is available to provide you with advice and can be contacted on 01273 326 556 or you can drop us an email at email@example.com or speak with an account manager to get any process started.
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