Time is running out for self-employed workers in the UK as the application for the coronavirus grant is coming to an end.
Applications for the Self-Employed Income Support Scheme (SEISS) opened on November 30 to support Brits during the pandemic.
Businesses who have been impacted by Covid-19 have until January 29 to apply for support worth up to £7,500.
This is through the scheme which is available to businesses who earn less than £50,000 a year.
Under the scheme, the government will cover 80% of trading profits over three months.
Those who qualify for the third grant will be paid in a single instalment covering three months of income.
To apply, you will need to confirm your business has been impacted by coronavirus between November 1 and January 29.
Those receiving the grant can continue to work or start a new trade or take on other employment including voluntary work.
To be eligible for the SEISS grant, you must have filed a tax return for 2018/19 to HMRC.
The grants are calculated based on your average profits over three years, like 2016/17, 2017/18 and 2018/19.
Amazon told to 'rethink new app logo' over its 'resemblance to Adolf Hitler'
However, if you weren't in business in 2016/17, it will be based on your average profits in 2017/18 and 2018/19.
You must also earn more than half of your total income from self-employment and your profits must not exceed £50,000 a year.
But self-employed workers who are company directors or run their businesses as limited companies are not eligible for the grant.
New parents who were excluded the first time because they were pregnant or caring for a child are now able to make a claim.
When you go to apply for the grant, you will need the following information:
- Self-assessment unique taxpayer reference (UTR)
- National insurance number
- Government Gateway user ID and password
- UK bank details
Applicants must make the claim themselves through HMRC and cannot use an accountant or agent to act on their behalf.
For more information on applying for the grant, visit the GOV.UK website.
Source: Read Full Article