You’ve claimed the COVID19 Self-Employed Income Support Scheme (SEISS) grant – What next?
Please note this article does not apply to employees or directors of their own limited company, only self-employed Sole-Traders / Partners.
By now most of our self-employed clients have successfully claimed the SEISS grant. However, if you’re having any trouble making a claim or any doubts about a claim already made please don’t hesitate to get in touch. If you’re still to claim then you might find this 2 minute video helpful.
For those that have already claimed here are some important reminders
- To claim you’ll have logged in using your Government Gateway User I.D. and password – be sure to keep a permanent note of these login details. They’ll be useful for the lifetime of your self-employment
- Record keeping and reporting
You should keep any evidence that your business has been adversely affected by coronavirus such as:
- business accounts showing a reduction in turnover
- confirmation of any coronavirus-related business loans you have received
- dates your business had to close due to lockdown restrictions
- dates you or your staff were unable to work due to coronavirus symptoms, shielding or caring responsibilities due to school closures
- You will need to report the grant:
- on your Self Assessment tax return
- as self-employed income for any Universal Credit claims
- as self-employed income and that you’re working 16 hours a week, as changes to your tax credits claims
The grant should be treated as income received on the day it’s paid for any Universal Credit claims or tax credit changes.
My previous COVID-19 posts remain relevant and are:
- COVID-19 Self-Employed Income Support Scheme (SEISS): Get ready to claim
- Coronavirus (COVID-19): Help for the Self-Employed – PER THE 26 MARCH ANNOUNCEMENT
- Help for the Self-Employed and other FAQ’s
- Can the Self-Employed go to work?
- What financial support is available for UK businesses? – NOW UPDATED
Enjoy saving tax?