- If you started trading in the tax year 2018/2019 the basis of the claim will be the profits reported on the 2019 Self Assessment Tax Return divided by 12 to give the average monthly profits i.e. it is not uprated to an annual profit.
- The online service will be open from 13 May 2020 and if the claim is approved taxpayers will receive their payments within six working days.
- Please note that Agents will not be able to make claims on taxpayers behalf.
- HMRC are currently sending out letters, text messages and emails to let taxpayers know what they will need to do to get ready for the claim. HMRC now have an online tool which lets you know if you are eligible under the scheme. The details you will require to use the tool and procedures are as follows:
- Your Unique Self Assessment Tax reference number and National Insurance number.
- Once you have entered the above details it will invite you to make a claim on a specific day and time as from 13 May 2020 at 8.00 a.m. if the taxpayer is eligible.
- You will then need to add your contact details and HMRC will then use this information to tell you when to make the claim and what you need to do beforehand.
- One thing that you must do is set up a personal digital account if you have not already done so, so that you have a government gateway, which is required to enable you to make the claim. HMRC within their contact messages to taxpayers will explain how to do this or is explained when using the online eligibility check link below.
- You will also need to provide the bank sort code and account number to which you wish the grant to be paid into and confirm that your business has adversely been affected by Corona Virus.
- Once the claim has been made the online service will tell you how HMRC has calculated the claim.
- HMRC will then check claims and take the appropriate action to withhold or recover payments found to be dishonest or inaccurate.
- All records appertaining to the claim must be retained, including the amount claimed, the claim reference number and evidence that the taxpayers business has been adversely affected by Corona Virus.
- If taxpayer is unable to make a claim online HMRC states that an alternative method will be made available. When further announcements are made we will update taxpayers of the alternative method.
The online link to check whether you are eligible to claim is:
Taxpayer claiming the grant must ensure that they are below the state aid limits.
The receipt of the grant should be reported immediately to the appropriate government department if claiming Universal Credits and/or Tax Credits, as it may affect the taxpayers claim.
Please be aware of scammers during this time.