Looking to access COVID 19 help- Are you Self-employed but missed the January Self-assessment deadline?

*Please note the information in this article may be out of date

You have 4 weeks left to file your 18/19 tax return to enable you to access the Self-employed Income Support Scheme.

Fri, 27 Mar 2020

Self-Employed Income Support Scheme Summary

• You must have completed your 18/19 tax return
• 80% of profits up to £2,500 per month
• Profits on 3 years average, there will be nothing available if over £50,000
• Payment will be made in June

The self-employed have now been passed their life-line amidst the Covid-19 pandemic from Chancellor Rushi Sunak as he announced a new self-employed income support scheme, this will cover up to 80% of self-employed workers’ average taxable monthly profits.

Self-employed should not contact HMRC now, eligible taxpayers will be contacted by them directly.  They will use existing information to check potential eligibility and invite applications once the scheme is operational.

If you have not yet filed your 18/19 tax return – you have four weeks to do so. First you will need your UTR…

A Unique Taxpayer Reference (UTR) number is required by all sole traders, partnerships and limited companies in the UK. It’s unique to that individual or organisation and remains unchanged forever.

You will also need a UTR if you have other forms of income or expenses that require you to file a Self Assessment tax return.

If you don’t have a UTR, you won’t be able to submit a Self Assessment tax return.

What is a UTR?

A UTR helps HMRC identify and process tax returns against the correct taxpayer’s records.

If you have income outside of PAYE or own a business and don’t act compliantly when it comes to your Self Assessment tax return, you could face criminal prosecution.

Who uses them?

Any individual with self-employed income or income from rental property probably forms the biggest group that will need a UTR.

These individuals will need to perform a Self Assessment tax return. For other taxpayers, it may also be relevant when registering for the Construction Industry Scheme or working with an accountant.

How can I get one?

As you won’t receive a UTR number unless you’re registered as either self-employed or a new business, you’ll need to do so on HMRC’s website. Alternatively, you can call them on 0300 200 3310. There is no cost to doing either.

Register as soon as you can with all the below information to hand:

• Full name
• Date of birth
• Email address
• Home address
• Phone number
• National Insurance number
• The date you started self-employment

Double-check that you have fully completed the process if you’re still waiting on your UTR following registration.

What if I’m already registered?

You should already have a UTR code somewhere. If you’ve misplaced it, start by checking any correspondence that you may have received from HMRC. All previous tax returns will reference it, along with any notices you may have had to file a return, payment reminders or statements of account.

In addition, your HMRC online account will also display the code, provided you can access it. If none of these options prove fruitful, contact the Self Assessment helpline.

More details on help for the self-employed here.

About GoSimpleTax

Getting your UTR is the easy part. What trips up most UK taxpayers is submitting the Self Assessment tax return itself. With GoSimpleTax software, filing has never been easier as it does all the calculations for you and thanks to features that allow you to take a picture of expenditure and upload it to your records, as well as log all forms of income.

With the documentation you need in one place and learning resources to help minimise your tax liability further, all that’s left for you to do is press submit.