HM Revenue and Customs (HMRC) has begun contacting customers who may be eligible for the government’s Self-Employment Income Support Scheme (SEISS), recently announced by Chancellor Rishi Sunak as part of the Coronavirus Job Retention Scheme.
Those who are eligible will be able to claim a taxable grant worth 80% of their average trading profits up to a maximum of £7,500 (equivalent to three months’ profits), paid in a single instalment. HMRC is also inviting customers, or their agents, to go online and check their eligibility for SEISS.
In order to receive quick confirmation from the eligibility checker, the government said individuals should have their unique taxpayer reference (UTR) and their national insurance number ready, and make sure their details are up-to-date in their ‘government gateway’ account.
Individuals are eligible if their business has been adversely affected by coronavirus, if they traded in the tax year 2019 to 2020 and intend to continue trading. They need to earn at least half of their income through self-employment; have trading profits of no more than £50,000 per year; traded in the tax year 2018 to 2019 and submitted their self-assessment tax return on or before 23 April 2020 for that year.
HMRC is using information that customers have provided in their 2018 to 2019 tax return – and returns for 2016 to 2017 and 2017 to 2018 where needed – to determine their eligibility and is contacting customers who may be eligible via email, text message or letter.
Articles on this website are offered only for general information and educational purposes. They are not offered as, and do not constitute, financial advice. You should not act or rely on any information contained in this website without first seeking advice from a professional.
You are now departing from the regulatory site of Finura. Finura is not responsible for the accuracy of the information contained within the linked site.
Latest stats on the cost of higher education and implications for planning.
The RNRB, which is designed to protect the family home from inheritance tax (IHT), was £100,000 for deaths occurring in tax year 2016/17 and has been phased in gradually over four tax years at a rate of £25,000 per annum until it reached £175,000 in tax year 2020/21.
Traditionally parents would bequeath their assets to their surviving spouse and subsequently their children. But, as we live longer, there are increasing opportunities to use intergeneration financial planning which includes grandchildren and great grandchildren too.