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Preparing for the launch of the Self-Employment Income Support Scheme (SEISS) | Three Easy Steps
Following on from our recent team Power Hour with Helen Russell-Smith, a tax professional with over 20 years expertise, we are pleased to share the steps you need to follow in preparing for the launch of the Self-Employment Income Support Scheme (SEISS):
1. Ensure you have set-up your online personal tax account
It is highly likely that HMRC communications around the SEISS will be delivered through your online Personal Tax Account (PTA). If you have yet to set this up there are two ways to do so;
A. Using your existing Government Gateway ID and password. You will have one of these if you have previously submitted a tax return online. You will also need a note of your National Insurance number or;
B. Using gov.uk Verify; HMRC will ask you to select from a number of companies who will ask you some questions and check certain documents and financial information in order to verify your identity to HMRC. You will need access to personal documents such as a P60, bank statement, passport or driving licence.
2. Visit HMRC online to check if you are eligible
HMRC have now published an online tool which checks whether you are eligible to receive a grant under the scheme and confirms the opening date for applications.
3. Calculate the estimated grant you could receive
It is recommended that you make your own calculation of the estimated grant you could receive through the scheme using the following formula:
- Calculate the total trading profit from tax years ending 2017, 2018 and 2019
- Ascertain the average of these years by dividing by 36 (3 years x 12 months) which gives you a per month figure
- Calculate 80% of the per month figure and then multiply by three
