Self-employed Income Support Scheme update

13 May 2020 marks the first day that HMRC are accepting applications for funding under the Self Employed Income Support Scheme (“SEISS”).

This Scheme is available to self-employed individuals, either sole traders or partners in a partnership, subject to meeting the eligibility criteria (https://stokespartners.co.uk/covid-19-what-support-is-available-to-the-self-employed)

Unlike the Job Retention Scheme, this Scheme is reliant upon HMRC identifying from previous tax returns those whom it deems eligible to apply.  Individuals deemed to be eligible are being notified via the Government Gateway portal as to the specific date after which they can apply for financial assistance online.

Payments are anticipated to take 6 working days from the date of the online application.  This is good news for those eligible under the Scheme and means that the self-employed may not have to wait until the end of June before receiving payment, which was the timeframe originally anticipated when the Scheme was announced. 

The information contained in this article provides a general overview of the current position in relation to the subject matter.  It does not constitute legal advice and should not be relied upon in relation to any specific legal problem.