Under SEISS, those who are eligible will be able to claim a taxable grant worth 80% of their average trading profits up to a maximum of £7,500 (equivalent to three months’ profits), paid in a single instalment.
You can check your eligibility using the new online checker tool. Once the online check is complete, those who are eligible will be given a date when they can submit their claim.
The claims service will open on 13 May and those eligible will have the money paid into their bank account by 25 May, or within six working days of completing a claim.
In order to make a claim you will require the following information:
- Self Assessment Unique Taxpayer Reference (UTR) – if you do not have this you can find it here
- National Insurance number
- Government Gateway user ID and password – if you do not have a user ID, you can create one when you check your eligibility online
- An account number and sort code for the bank account you want the grant paid into
There is further guidance available on how HMRC will calculate payments here.