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HMRC publishes Direction for the Government's self-employed income support scheme (SEISS)

The Treasury has published its Direction which gives a legal basis for the Government’s SEISS.

Some key areas which might clarify the previous guidance issued by HMRC include:

  1. The SEISS payment is 80% of three months earnings, averaged over the last three years, subject to rather complicated calculations;

  2. No credit is given for any earnings actually received by the individual;

  3. The individual needs to have an income profit (before tax) of under £50,000 per year;

  4. The individual only needs to have completed a tax return in one of three relevant years (not limited to completing a tax return for 2018/19) provided they have been trading in the last two financial years and intend to do so for 2020/2021.

  5. Only a trade whose business has been adversely affected by coronavirus can claim (not any self-employed person as per previous guidance).

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