Martin Lewis, 48, provided a dire warning on tonight’s final money advice show. He covered many aspects of the government’s recent support measures but paid close attention to the self-employed grant scheme in particular.
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Under current rules, SEISS can provide claimants with a grant worth 80 percent of their trading profits.
This will be capped at £7,500 in total.
However, the window for claiming this grant is quickly closing.
As Martin explained: “I’ve talked about this many times.
“Monday, midnight, is last time you can apply for self-employment grant one, 800,000 eligible people have not claimed.
“If you’re not sure, try the HMRC eligibility calculator online.
“If you know someone self-employed, have this conversation with them.
“Have they checked? After Monday – no go, not happening.”
Martin went on to address some fears what would-be claimants may be having.
As he continued: “I know some people have been thinking ‘I’ve been working, I can’t claim’ – [this is] not true.
“For the self-employment grant you could work, the key question is, has your business been affected by COVID?
“Simply that could mean less demand, higher cost, you not being at work.
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“If any of those apply and you can put your hands on your heart and say it’s not as good due to COVID, then sign the declaration and you’ll be due the money.”
Self-employed individuals can claim a grant if all of the following apply:
• They traded in the tax year 2018 to 2019 and submitted a Self-Assessment tax return on or before April 23 2020 for that year
• They traded in the tax year 2019 to 2020
- They intend to continue to trade in the tax year 2020 to 2021
- They carry on a trade which has been adversely affected by coronavirus
From August, a second grant can be claimed but it will offer reduced support.
Full details on how to apply can be found on the government’s website.
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