Vale of Clwyd MP Dr James Davies has welcomed the early launch of a scheme to help self-employed workers who have lost income due to the Covid-19 pandemic.
This week HM Revenue and Customs has begun contacting those who may be eligible for the new Self-Employment Income Support Scheme.
The scheme has been launched earlier than expected and people can use the HMRC eligibility tool to see if they eligible. If they are, they will be given an application appointment between 13th and 18th May. Once the application is completed they will receive their money six working days later, so the first payments under this scheme will be made on the 21st May.
James said:
“The fact that this scheme has been launched earlier than anticipated is great news and will be very much welcomed by all those self-employed workers in the Vale of Clwyd who have been struggling in recent weeks.
“The scheme will allow self-employed individuals, or a member of a partnership, to claim a taxable grant worth 80% of their average trading profits up to a maximum of £7,500, equivalent to three months’ profits.
“They can claim if they have been adversely impacted by Covid-19 and they: traded in the tax year 2018 to 2019 and have submitted their Self Assessment tax return for that year on or before 23 April 2020; traded in the tax year 2019 to 2020; are trading when they apply - if they’ve temporarily stopped trading because of coronavirus they will still be classed as trading by HMRC; intend to continue to trade in the tax year 2020 to 2021.
“Their trading profits must also be no more than £50,000, and at least half of their total income for either; the tax year 2018 to 2019; the average of the tax years 2016 to 2017, 2017 to 2018, and 2018 to 2019.
“Those not eligible for a grant under this scheme, may still qualify for other forms of help and I encourage people in this position to visit GOV.UK to see what support is available."
To check if you are eligible for the scheme visit:https://www.tax.service.gov.uk/self-employment-support/enter-unique-taxpayer-reference. To use the eligibility checker, you will need your Self Assessment Unique Taxpayer Reference (UTR) and National Insurance number.
