Further information on Covid-19 financial support if you're self-employed

On Monday, HMRC published their eligibility check tool which will allow self-employed individuals to check whether they are potentially eligible to claim a grant to support them during the Covid-19 pandemic.

HMRC have stated that the online service will be available from 13th May 2020.

For those eligible, HMRC will tell you the date you can make your claim from (the time and date from when you can claim can be obtained from the eligibility check tool). Where claims are approved, you will receive your payment within six working days. Please note you do not need to contact HMRC.


Can LWA process the claim for me?
Unfortunately, we will not be able to make the claim for you – HMRC have stated that taxpayers must make the claim themselves. This is because it would have taken considerably longer to build agent access (approximately two months). For clients who are digitally excluded, HMRC will be introducing a telephone-based claim process. Sharon or Jo from our office will send you information via OpenSpace.

Please note: you will also need to register for the Government Gateway
This can be done following the steps through the eligibility check tool. To make the claim, this is what you will need:
  • Your self-assessment unique tax reference (UTR). If you don’t have this to hand, please call our office on 0161 905 1801 and speak to Jo or Sharon who will be able to get this for you. We will need to verify you if you call because we cannot just provide UTR and national insurance numbers due to the sensitivity of that information. If you are not registered on OpenSpace then we will not be able to provide this information over the telephone.
  • Your national insurance number.
  • Government Gateway user ID and password. If you don’t have a user ID, you can create one when you check your eligibility online.
  • Bank account number and sort code you want HMRC to pay the grant into (only provide bank account details where a BACS payment can be accepted).
You will have to confirm to HMRC that your business has been adversely affected by Covid-19 (Coronavirus). HMRC will check claims and take appropriate action to withhold or recover payments found to be dishonest or inaccurate.

What do I do after I have claimed?
Once you have submitted your claim, you will be told straight away if the grant has been approved. The grant will be paid to you within six working days. You must keep a copy of all records in line with normal self-employment record-keeping, including:
  • The amount claimed.
  • The claim reference number for your records.
  • Evidence that your business has been adversely affected by Coronavirus.
The grant itself is taxable and so will need to be reported on your self-assessment tax return.

If you have any questions concerning the scheme please contact Steve on 0161 905 1801 or steve@lwaltd.com. If you require your UTR or national insurance number please contact Jo or Sharon who will provide this for you.

Apply for the Self-Employment Income Support Scheme


FURTHER FUNDING ANNOUNCED VIA LOCAL COUNCILS
To support small businesses with ongoing fixed property-related costs, the Government has added £617 million to the funding pot for local councils to prioritise businesses in shared spaces, regular market traders, small charity properties that would meet the criteria for Small Business Rates Relief, and bed and breakfasts that pay council tax rather than business rates. Find out more here.

CHARITIES CAN NOW APPLY FOR THE CORONAVIRUS BUSINESS INTERRUPTION LOAN SCHEME
The criteria to apply for the CBILS has been amended for registered charities: they are exempt from the requirement that 50% of the applicant’s income must be derived from its Trading Activity, but they must satisfy other eligibility criteria.

If you would like cash flow forecasting support to assist your loan applications, please contact matt@lwaltd.com or call 0161 905 1801. For clients on Xero we can use Futrli to speed up the process from days into hours.

Find out more on the Government financial support here


ZERO VAT RATING ON PUBLICATIONS BROUGHT FORWARD
The change to VAT rating on publications was due to come into effect on 1st December 2020, however, HMRC have announced it has brought the date forward to 1st May 2020. Find out what this means for your business in our blog below.

 

Read the article


FREE LEARNING RESOURCE FROM NATWEST TO ASSIST HOME-SCHOOLING
MoneySense from NatWest is being offered as a free learning resource for parents that are home-schooling their children, including lessons for families - Money Sense Mondays. There’s plenty of activities and games for children aged 5-16 years old available any time. Take a look below.

 

MoneySense online learning for children

 

CONTACT US

All of our previous updates detailing information and guidance in relation to the impact of Covid-19 on business and personal finance, can be found on our dedicated section of the LWA website.


If you have any concerns and are unsure who to speak to, please contact one of the team here at LWA. You can reply to this email or call us on 0161 905 1801 in Manchester, or 01925 830 830 in Warrington. We're here to help.