You are here: Home - Saving & Banking - News -

One week left for self-employed to claim up to £7,500 grant

Written by:
The army of self-employed people who have been negatively impacted by coronavirus have one week left to apply for the first instalment of the government grant worth up to £7,500.

The government’s Self-employment Income Support Scheme (SEISS) opened to applicants in mid-May.

It allows those eligible to receive a taxable grant worth 80% of average monthly profits based on the last three years of tax returns, up to a maximum of £2,500 a month, so £7,500 in total.

This first grant can be claimed up until Monday 13 July.

second and final grant will be available from August (business adversely affected on or after 14 July 2020), worth 70% of people’s average monthly trading profits, capped at £6,570 in total.

You can make a claim for the second grant even if you don’t make a claim for the first grant.

Latest statistics reveal claims made by self-employed workers who are struggling during the pandemic stand at 2.6 million. The total value of claims made under the grant scheme is £7.7bn.

Are you eligible for the Self-employment Income Support Scheme?

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. But 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

It’s time to get your finances in shape for summer, and moving your cash savings to a higher paying deal is ...

Everything you need to know about being furloughed

Few people had heard of ‘furlough’ before March 2020, but the coronavirus pandemic thrust the idea of bein...

The experts’ guide to sorting out your personal finances in 2021

From opting to ‘low spend’ months to imposing your own ‘cooling-off period’, industry experts reveal t...

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:
Renters fear ‘Covid-eviction’ when government ban lifts

An estimated 227,000 private tenants have fallen into arrears since the start of the pandemic, meaning they could lose their...