Self-employed grant: Are you eligible for £6,500 of extra cash as grant deadline arrives?

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Self-employed workers affected by the coronavirus pandemic are able to claim a special grant to provide them with financial support. Many self-employed workers are eligible for this grant, but you must apply on or before October 19. So how can you apply to get this grant?

What is the self-employed grant?

The Coronavirus Self Employed Income Support Scheme (SEISS) is a payment eligible to those who

The grant was created to help self-employed individuals whose businesses had been adversely affected by the crisis and was made up of two grants.

The first grant closed on July 13 and the second and final grant opened on August 17.

The second grant closes today (October 19), meaning there are just a few hours left to apply.

How does the grant work?

The HMRC estimates about 1.4 million people are eligible for SEISS.

The grant enables self-employed workers to continue to work or start a new trade.

Those claiming the grant can also take on other employment including voluntary work and duties as a military reservist.

The grant is worth up to 70 percent of your average monthly trading profits over the tax years ending in 2017, 2018 and 2019.

You are not required to have claimed the first grant to be eligible for the second.

But you are eligible for the second if you did claim the first.

Are you eligible for the grant?

To be eligible for the scheme you will need to be self-employed or a member of a partnership.

Your business will also have been adversely affected due to coronavirus.

To claim the second grant, your business must have been affected on or after July 14, 2020.

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In addition, all of the following must apply:

  • You traded in the tax year 2018 to 2019 and submitted your Self Assessment tax return on or before 23 April 2020 for that year
  • You traded in the tax year 2019 to 2020
  • You intend to continue to trade in the tax year 2020 to 2021.
  • You are ineligible for the grant if you trade through a limited company or a trust.

You can find out more about your eligibility here.

How do you apply for the grant?

You can apply for the scheme using the Government’s website here.

You will need the following information to make your claims:

  • Self-assessment unique taxpayer reference (UTR)
  • National insurance number
  • Government Gateway user ID and password
  • UK bank details.

How much could you get?

You will receive a taxable grant based upon your average trading profit over the three tax years: 2016/2017, 2017/2018 and 2018/2019.

The second grant which you can still apply for is worth 70 percent of your average monthly trading profit, up to £6,570 in total.

The new self-employed grant was extended on September 24 by the Chancellor of the Exchequer Rishi Sunak.

The additional second grant will also be available for self-employed workers to cover February 2021 to the end of April.

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