Millions can claim £7,500 for lost income from today

A new scheme was launched on Wednesday morning that allows self-employed and freelancers to apply for a grant of up to £ 7,500 – and you could get the money in a few days.

The Self-Employment Income Support Scheme (SEISS) grant will cover up to 80% of your average trading profit if you are unable to work due to the corona virus and lost work claims dated March.

The process, which started at 8 a.m. on Wednesday, is led by HM Revenue & Customs, it reports The mirror.

Anyone eligible for the SEISS can receive the government grant before May 25 or within six days of a completed claim.

Chancellor Rishi Sunak said: “With payments coming in before the end of this month, self-employed workers across the UK will have money in their pockets to help them through these difficult times.”

Those who can make a claim have already been approached by HMRC and can use a unique reference to make their claim.

Derek Cribb, CEO of IPSE (the Association of Independent Professionals and the Self-Employed), said, “For the self-employed, coronavirus is not only a health crisis, but also an urgent income crisis.

“We are pleased that the government has followed much of IPSE’s advice by setting up the self-employment income support scheme, which extends a much needed lifeline for eligible self-employed workers.”

Mike Cherry, National President of the Federation of Small Businesses, said: “The self-employed income support scheme is a lifeline for the millions of self-employed who are expected to be eligible.

“I would encourage all those who think they are eligible to use the online checker if they haven’t already, and sign up on the allotted date.

“We are delighted that the scheme opened earlier than planned, with a simple rapid application and a prompt payment promise.”

You can check if you can claim here.

Who can claim

  • Individuals are eligible if their business has been adversely affected by the coronavirus, they have been trading in the tax year 2019 to 2020, plan to continue trading, and they:
  • earn at least half of their income as a self-employed person
  • have a trading profit of no more than £ 50,000 a year
  • traded in the tax year 2018 through 2019 and filed their self-assessment tax return on or before April 23, 2020 for that year
  • HMRC calculates the amount to be paid to each eligible applicant based on an average of the tax returns for 2016/17, 2017/18 and 2018/19.
  • Customers are invited to apply for their SEISS grant on a specific date, from May 13-18. They cannot submit an application before their claim date, but can submit a claim after that day.
  • People can check their date with HMRC’s online checker at all times.
  • Read for more information HMRC’s guidance or talk to your tax agent. If you need more support, please use HMRC’s web chat service or call the Covid-19 helpline on 0800 024 1222.