You are here: Home - Household Bills - News -

Applications now open for self-employed grant scheme

0
Written by:
13/05/2020
Self-employed workers whose businesses have been negatively hit by coronavirus can apply for a government grant from today.

The Self-Employment Income Support Scheme (SEISS) offers taxable grants worth 80% of people’s average monthly profits, up to a maximum of £2,500.

Millions of people are expected to apply for the grant, which is paid out in a single instalment covering three months and capped at £7,500 altogether.

The government said money should be in people’s bank accounts within six working days of making a claim.

People who apply for the grant can carry on working as normal.

The scheme, which is due to last for three months but could be extended, was expected to launch in June.

Chancellor Rishi Sunak said: “We’re working ahead of time to deliver support to the self-employed and from today, applications open for the millions of people eligible for the scheme.”

Are you eligible?

You can apply for a grant if your business has been adversely affected by coronavirus and you filed a self assessment tax return for 2018/19.

You must earn at least half of your income through self-employment and have trading profits of no more than £50,000 a year.

If you’re not eligible based on your 2018/2019 tax return, HMRC will look at the tax years 2016 to 2017, 2017 to 2018, and 2018 to 2019.

You should have been contacted by HMRC if you’re eligible for the scheme.

If you haven’t heard from HMRC, you can find out if you’re eligible using this online tool.

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

The savings accounts paying the most interest

If one of your jobs this month is to get your finances in order, moving your savings to a higher paying deal i...

Coronavirus and your finances: what help can you get in the second lockdown?

News and updates on everything to do with coronavirus and your personal finances.

Everything you need to know about being furloughed

If you’ve been ‘furloughed’ by your company, here’s what it means…

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week

Read previous post:
UK economy shrunk by 2% as pandemic took hold

The UK economy shrank by 2% in the first three months of the year, its sharpest contraction since the peak...

Close