How to apply for the Income Support Program for self-employment

The Self-Employment Income Support Scheme(SEISS) was officially opened on 13 May 2020 at 8 am for applications. The scheme is yet another in a series of schemes released in the last few months by Exchequer Chancellor Rishi Sunak to aid companies and individuals adversely impacted by the COVID-19 pandemic and the subsequent lockdown in the UK.

The SEISS is primarily targeted at self-employed people and provides up to 80 percent of your monthly average trading income. The compensation is set at £ 7,500 and can not be made after the application for more than six working days.





The scheme will be valid for three months initially.

The grant is taxable and will be subject to National Insurance income tax and self-employed. In your 2021 tax return, you will need to mention it as earnings. We're going to show you exactly how to apply for this grant in this article. 

Who can argue?

You will be entitled to assert the grant if you are self-employed or in a partnership and have lost income as a consequence of COVID-19. To find out whether you are eligible to claim for the SEISS, review the government's Eligibility Checker.

Gov.Uk official advice

If you are registered, an invitation to claim will be received. If this invitation has not been sent, you can still visit the Eligibility Checker and enter your information to check if you are eligible. Important: You will be given a clear claim window if you are eligible. Before this window opens, you will not be able to put your claim on a date.

Important: A key factor in the eligibility of this claim is that the coronavirus has indeed adversely affected the business. If this point needs to be proven at some later stage, you must have and keep reliable records of this truth.

Where to argue?

A screen with prepopulated figures for what you have been approved for will then be shown to you. These statistics are based on your past tax returns, and what you are eligible for depends on what you have received in the last three fiscal years. On the tab, there will be an explanation outlining how the figure was reached. If you want to check it directly or give it to your London accountants or tax advisor to revise it for you the page is downloadable. If you think the amount is wrong, HMRC suggests proceeding independently and then contacting them to have the amount checked at a later date. 

You will then be asked to pick the payment from either a personal or business bank account. The bank account must be UK-based and must be capable of accepting transactions from BACS. You will be asked to confirm the bank's address after filling in the banking information. If you type in the bank's postal code, there is an address finder that will help you find the address of the bank.

Until submission, you will be asked to confirm all the details. Finally, you must accept the statement at the end that states that the coronavirus has adversely affected your business, your submission is in line with HMRC guidelines, and other points as shown in the screenshot below. If all is in order, the confirmation screen showing how much was awarded and giving you a reference number should be given. Be sure to print out this screen for your records, or take a screenshot and save it.

Within six working days of the submission of the claim, the balance will be paid. If after six working days you have not received the invoice, and it is after 25 May2020, give HMRC a call to inquire. When doing so, make sure to have your reference number handy.

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https://www.academia.edu/44564852/How_to_apply_for_the_Income_Support_Program_for_self_employment

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