Self-employed Brits have one week left to apply for Government grant of £6,750

Self-employed Brits have just one week left to apply for the government grant until the application closes.

The government's self-employment income support scheme helps struggling businesses who have been impacted by coronavirus.

It offers those who have struggled during the pandemic up to £6,750.

Applications for the first grant closed on July 13, 2020.

Now the second grant applications will close on Monday (October 19), after it opened on August 17.

The scheme works with the government covering up to 70% of your trading profits over three months.

It is then capped at £2,190 a month so the maximum to claim is £6,750.

The grants count as taxable income, so you must enter what you receive on a self-assessment tax return for the tax year 2020/21.

Chancellor Rishi Sunak extended the deadline for the self-assessment until January 2021.

To apply for the grant, you must head over to the Gov.uk website.

Self-employed workers will need certain information in order to claim.

  • Millions of car insurance customers could make mega savings in lockdown

Make sure you have the following:

  • Self-assessment unique taxpayer reference (UTR) – if you don't have this, visit the Gov.uk website for details.
  • National insurance number
  • Government Gateway user ID and password
  • UK bank details (only provide it where Bacs payment can be accepted)

To be eligible for the money, self-employed workers have to prove they have been adversely affected by Covid-19 on or after July 14.

Also you must have filed a tax return for 2018/19, meaning you must have been self-employed before April 6, 2019.

The grants are calculated based on an average of your profits over three tax years – 2016/17, 2017/18 and 2018/19.

To qualify, half of your income must come from self-employment and your trading profit should be less than £50,000 a year.

However, self-employed workers who are company directors or run their businesses as limited companies cannot apply.

But if you claim maternity allowance this will not affect your eligibility for the grant.

You can be eligible for the second grant regardless of whether or not you claimed the first payment from the government.

Source: Read Full Article