Tens of thousands of self-employed workers have until midnight to apply for a government support grant, before the current Covid-19 emergency plan is shut down for good.
Companies negatively affected by the pandemic have until the end of Monday to apply for support of up to £ 6,750.
This is done through the Self Employed Income Support Scheme (SEISS) available to companies earning less than £ 50,000 a year.
The taxable return is 70% of your average monthly trading profit, and those eligible will be paid in one installment covering three months of income.
A maximum of £ 2,190 per month – so the maximum you can claim is a total of £ 6,750 total.
However, it closes at midnight on October 19, 2020.
To apply this time, you will need to confirm that your business has been affected by the virus since July 14th.
Those who receive the scholarship can continue working, start a new business, or pursue other jobs including volunteer work.
Applications for the first scholarship closed on July 13, 2020. The second scholarship for applications opened on August 17, 2020 and ends today October 19, 2020.
Who is eligible for the scholarship?
To be eligible, you must have filed a 2018/19 tax return to HMRC, which means you must have been self-employed on April 6, 2019.
Grants are calculated based on your average earnings over a period of three years (i.e. 2016/17, 2017/18 and 2018/19).
If you were not doing business in 2016/2017, this will be based on your average earnings in 2017/18 and 2018/19, or otherwise in the most recent tax year.
To qualify, you must also be earning more than half of your total self-employment income and your earnings must not exceed £ 50,000 per year.
Freelance workers who hold the position of company directors or run their businesses as limited companies are not eligible for support.
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How can I apply for assistance?
You can submit your claim via Gov.uk.
Self-employed workers will need the following information to apply:
Applicants must file the claim themselves through HMRC and cannot use an agent or accountant to act on their behalf.
what happened after that?
Rishi Sonak Announce a new grant for the self-employed on September 24 for those who remain financially vulnerable.
However, the latest scheme would cover only 20% of average monthly earnings, up to £ 1,875 total, and run from November to January of next year.
An additional second scholarship will be available for the self-employed from February 2021 to April 30th.
The government has not yet confirmed the coverage of this second grant.