In the last few months, those who are self-employed have often found themselves unable to carry out their usual business. Chancellor Rishi Sunak recently announced further support for the self-employed from HMRC. Here’s what you can expect.
SEISS Second Round
For those who were eligible for the initial Self-Employment Income Support Scheme grant, you will need to prove to HMRC that your business is still being adversely impacted by Coronavirus restrictions on or after 14th July 2020.
If you didn’t claim for the first grant, you are still able to submit a claim for the second grant.
HMRC states that this is the final grant to be offered under the SEISS.
The online portal opens on 17th August 2020. HMRC will contact you and invite you to apply if you are eligible.
Once you have applied, HMRC will check your claim and pay your grant within 6 working days.
How is the grant calculated?
By looking at your Self-Assessment returns over the tax years from 2016, HMRC will work out your average trading profits or losses.
The second and final grant is paid in one instalment to the value of 70% of your average monthly trading profits. The grant is capped at £6,570.
If you need to find out more, you can see the HMRC advice here.
How accountants can help
If your grant is lower than you expected, you can first use the online service to see how HMRC calculated your grant amount.
Your accountant will be able to help you check the calculations. If they agree that your grant was underpaid, you can request a review from HMRC.
Be prepared with:
- Your grant claim reference
- Your National Insurance number
- The Unique Taxpayer Reference used on your claim
- Details about why you think the grant is too low
- The Government Gateway user ID you used to make your claim
For BTCSoftware customers
Accountants who use PM Solution can use the built-in report to quickly collect all Self-Assessment Income and profit data.
This report was created recently to make it easy for accountants to identify and assist their Self-Employed clients.
To access the report, you can find it through the Reports menu. Go to Tax Return Status, then select SA Income & Profit Data for Individuals.
Accountants using PM Solution can use this report to proactively identify their clients who will likely be eligible to claim for the second SEISS grant.
Are you ready for the impact of COVID-19 on Self-Assessment season?
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The best part? It’s affordable! We believe that top-quality software shouldn’t eat up your budget. You get full telephone and email support, and during January we’re here for longer hours to ensure you get all the help you need.
Can we help?
If you have any questions relating to Self-Assessment or would like a one-to-one demo of any of our products, contact the sales team at e: firstname.lastname@example.org or t: 0345 241 5030