Self-employed Brits have just one month to apply for a fifth coveted support grant.
Applications for the next installment of the Self-Employment Income Support Scheme (SEISS) are closing on September 30.
Self-employed workers may receive compensation between May 1 and September 30.
The grant was launched as part of the Furlow Scheme – which will expire this month – to help people who work for themselves.
But who is eligible and when can you claim a fifth grant? We explain what we know before the end time.
Who can claim a grant?
You must be a self-employed person or a member of the partnership to make a claim.
You will also have traded in the tax years 2019 to 2020 and 2020 to 2021.
If you trade through a limited company or trust, you will not be eligible to claim a grant.
Claimants from 2019 to 2020 should have filed their tax returns on or before March 2 this year.
Your business profit should not have been more than 50,000, but at least equal to your non-commercial income.
Non-commercial income is money you make outside of your business – such as a part-time job or a pension.
If you are not eligible for your 2019 to 2020 return based on commercial profits, the government will look at previous years.
If you are eligible for a grant based on your tax return, HMRC has already contacted you.
When you make your claim, you must prove that the epidemic has affected your business profits between May 1 and September 30, 2021.
You must also confirm that you intend to continue trading in the 2021 to 2022 tax year.
There are some situations that can affect your ability to claim a grant, including if your tax return is delayed or an inquiry is ongoing.
You can find the full list at Official website
How much will you get?
How much you will get depends on how much money you have lost due to epidemics.
There are two levels of grants, and the amount you receive will depend on how small your business is.
The maximum amount you will receive is 7,500.
If your business is down 30% or more, you will get 80% of the three-month average trading profit, up to 7,500.
If it is less than 30%, you will be eligible for a maximum of 2 82,850 for 30% of 3 months average trading profit.
How to apply for a grant
HMRC has contacted everyone who is eligible to apply for a grant, so you should double check if they are in touch.
You must submit your claim on or after the date of the personal claim by HMRC.
You will need the following personal details to apply for the fifth and final installment of the grant.
- Self Assessment Unique Taxpayer Reference (UTR)
- National Insurance Number
- Government Gateway User ID and Password
- UK Bank details including account number, order code, account name and account address.
You’ll also need two different business statistics.
Turnover includes the fees, sales, or earnings received by your business.
you need to Work on your business For the April 2020 to April 2021 tax year, and for either 2019 to 2020 or 2018 to 2019.
The HMRC will compare these two figures to see how much you will receive.
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