Accounting, Taxation

UPDATE: Self-Employment Income Support Scheme (SEISS)

For the upcoming SEISS grant claims this month (April 2021), HMRC has been contacting some customers to confirm their eligibility. These customers are being asked to provide proof of ID and trade. Passport or driving licence are acceptable plus three months bank statements from their business accounts for the 2019-20 tax year.

From mid April, HMRC will also contact customers who have previously claimed but are no longer eligible due to either

  1. not submitting their 2019-20 self assessment return on or before 02 March 2021, or
  2. not meeting the eligibility criteria despite filing 2019-20 return.

Customers can make claims between late April and 01 June 2021. Please wait for the email, letter or text notification from HMRC before heading for the website.

ELIGIBILITY

Customers must:

  1. have submitted 2019-20 return on or before 02 Mar 2021.
  2. have trading profits that are no more than £50,000 and at least equal to their non-trading income.
  3. declare that they are still in business and will continue trading.
  4. declare that they have a reasonable belief that there will be a significant reduction in their trading profits due to reduced business activity, capacity, demand or inability to trade because of coronavirus.

All customers are expected to keep records of the impact of coronavirus on their business.

About Phoenix

Accountant | Tax Specialist | Mother | Entrepreneur | Blogger

Discussion

No comments yet.

Get in touch

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

Follow PHOENIX DEBOLA on WordPress.com

Enter your email address to receive notifications of new posts by email.

Join 806 other followers

0207 0592442
%d bloggers like this: