Last updated: 06/05/2020
HMRC will very shortly be contacting individuals by letter, email or text if they are eligible for the SEIS scheme and invite them to apply online. It is hoped that HMRC may rethink the method of claim, but the latest guidance clearly states: “Your tax agent cannot make the claim for you”, meaning we cannot apply on your behalf.
There is an eligibility checker found in this link, which you should use now to check if you can claim.
The checker will tell you if you qualify or not and confirm if and when you can make a claim. The online application service will be available initially from 13 May 2020. The dates when claims can be made are staggered, and HMRC will confirm the date that you can apply personally through the eligibility checker. If you disagree with the result you can request a review.
In order to apply online the following information is needed:
- Self-Assessment UTR – (10-digit number on Tax Returns, and also on HMRC correspondence)
- National Insurance Number
- Government Gateway User ID and password (if you do not have a government gateway you can create one when using the eligibility checker. You will need your passport or photo driving license and it is a good idea to do this now!)
- Bank account number and sort code
You will need to confirm to HMRC that your business has been adversely affected by coronavirus in order to make a valid claim.
If you are unable to apply online, there will be an alternative way. This appears to be via telephone call with an HMRC adviser but more details on this are to follow.
Once your claim has been submitted you will be told straight away if it has been approved. You must keep records including:
- The amount claimed
- The claim reference number
- Evidence that the business has been adversely affected by coronavirus
The grant will need to be reported:
- On your Self-Assessment tax return
- As self-employed income for any Universal Credit claims
- As self-employed income and that you are working 16 hours a week for any tax credits claims.
If your claim is approved, you will receive the payment within 6 working days. The payment will be made as a lump sum direct to the bank account included in the claim.
From all at Tyrrell & Company