Just a quick update on some information we were sent tonight by our Regulatory Body, the Certified Public Accountants Association on what is to be expected when the Self Employed Income Support Scheme goes live and we have detailed this below.
Self Employed Income Support Scheme
Anyone who is self employed and has filed an 18-19 tax return will be eligible to 80% of their NET monthly income, for three months, paid in one lump sum installment.
The following information has already been released;
- New guidance will be published on Monday. We expect this to tell us when the application process will become live, and exactly when payments will be made.
- Agents (B-ABLE) will not be able to make the claim on behalf of our clients. You will have to sign up to the government gateway in order to access the claim. Clients are encouraged to obtain government gateway access as soon as possible, if you are likely to want to claim.
- Agents must not file the claim under their client’s credentials. It can trigger HMRC fraud prevention procedures.
- HMRC are looking to put detailed guidance out to taxpayers on how to register.