Have you applied for the Self-employed Income Support Scheme (SEISS) grant?
The third Self-employed Income Support Scheme (SEISS) grant, announced by Chancellor Rishi Sunak on 5 November, has opened up for applications. This grant covers up to 80% of lost income between November and January.
If you meet the eligibility criteria the grant will provide a lump sum up to £7,500 to cover up to 80% of your average trading profits.
Beware of scams and only apply via the official Government claims portal, which you can do at any time until 29 January 2021. Once you apply, HMRC will check your claim and pay your grant into your bank account within six working days. You will get an email when your payment is on its way.
To apply, or check eligibility, you will need the following official government information:
- Self-assessment unique taxpayer reference (UTR) – if you do not have this, find out how to get your lost UTR.
- National insurance (NI) number – if you do not have this, find out how to get your lost NI number.
- Government Gateway user ID and password – if you do not have a user ID, you can create one when you make your claim.
- UK bank details (only provide bank account details where a Bacs payment can be accepted) including the bank account number, sort code, name on the account and address linked to your bank account.
- You must make the claim yourself. Your tax agent or financial adviser must not claim on your behalf as this will trigger a fraud alert.
We are expecting a fourth grant covering a percentage of average income from February to April 2021.
Employees can still benefit from the ‘furlough’ Coronavirus Job Retention Scheme, paying 80% of a furloughed employee’s salary up to £2,500, which is being extended until the end of March 2021.
Many self-employed people are slipping through the net and getting no support. Small business owners I speak to complain that they do not qualify for grants or even bounce back loans because they have recently set up their business or their profits are too low.
Whilst there is always the option claiming income support benefits through Universal Credit, many self-employed people are still trying to keep their businesses going through the lockdown and are not technically unemployed.
As the government hints at even tougher lockdown action, the Federation of Small Business estimates that 250,000 small businesses will go under this year.
By Charles Kelly, Wealth Mentor, Property Investor, Author of Yes, Money Can Buy You Happiness and creator of Money Tips Podcast. See more articles at www.moneytipsdaily.com
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