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SELF-EMPLOYED workers can now get up to $ 7 worth of third round coronavirus assistance from the government. Apply for £ 500.
The Self Employment Income Support System (SEISS) provides grants to help those who work for themselves when their income has been adversely affected.
Since the pandemic began, SEISS has awarded two rounds of scholarships to self-employed people.
The third SEISS grant was announced today, on 30. November, opened for applications. For many, it is important to check whether they are eligible for support.
Applications for the first grant were submitted on March 13th. Closed July 2020, and the second grant worth up to 6. £ 570 was born on Jan.. Open for applications on August 19 and on 19. Closed October 2020.
In September, Chancellor Rishi Sunak announced a third grant as he expanded the self-employment program to help workers survive the winter.
The government has also put in place the following measures to help self-employed people and businesses during the coronavirus outbreak:
Deferred income tax: self-assessment payments for income tax due in July can be deferred until the end of January next year.
Rent Assistance: Companies struggling to pay their rent were protected from eviction until the end of June.
Coronavirus Business Interruption Loan Program: SMBs can have loans and overdrafts of up to 5 million for up to six years. Get GBP and the government guarantees up to 80 loans per year.
Grants of up to 10. £ 000: Small businesses can receive grants of up to £ 10. Received £ 000 to cover ongoing running costs.
Help with tax bills: SMEs that cannot afford their tax bills can ask HMRC for a « time to pay » agreement so that the collection is suspended.
Earlier this month, Mr. Sunak increased the grant to £ 7. 500 and covered 80% of trading profit from November to January.
However, the self-employed still have to meet strict criteria to be eligible for payout as the government tries to avoid widespread fraud.
Before you miss the chance to claim, we have explained how you can check whether you are eligible for the SEISS scholarship, how much you will receive and how you can apply.
For those who are unsure whether they are eligible for the third grant, there is a simple checklist of criteria:
The grants are calculated based on your average profit over three tax years – 2016/17, 2017/18 and 2018/19.
If you haven’t traded in 2016/17 this will be based on your average profits in 2017/18 and 2018/19, or 2018/19 if that’s the only year you traded.
YOU can claim, if you are a self-employed person or a member of a partnership and you:
The government approved the rules on Jan.. Adjusted August so that you may have been eligible to apply for the second and now the third grant even though you missed the first payout.
New parents who were excluded from the initial scholarship because they were pregnant or were caring for a new child may now be able to file a claim.
Self-employed mothers and fathers who failed to file their taxes for one or more of the following reasons are now included in the system:
To qualify, you must also meet the other criteria, e.g.. B.. you must have been self-employed in 2017/18 and submit a tax return for the year before the 23rd. April 2020.
Before the age of 5, new parents had to. Fill out an online form in October 2020 asking HMRC to review the information about their new child.
You needed your child’s full name and date of birth, date of adoption, child benefit number, and your child’s birth certificate.
However, to be eligible you must be self-employed and have performed reservist activities for at least 90 days during the period that your 2018/19 winnings are calculated.
The government has also changed the rules for the third grant and this could now exclude some workers who were eligible for the first two grants.
The self-employed are only entitled if they are currently actively acting, but are affected by « reduced demand » due to the coronavirus.
It is important to note that the phrase « reduced demand » is a change from « adversely affected » in the rules for the first two grants.
So this could affect your eligibility and it means gathering evidence of « reduced demand » is now critical.
This includes demonstrating that you have fewer customers or clients than you would normally expect, resulting in decreased activity due to social distancing or government restrictions.
It could be that you have one or more contracts that have been canceled and not replaced, or you may have done less work due to disruptions in the supply chain.
Evidence may include accounts, Covid-19 loan confirmation, or deadlines for business closings due to lockout restrictions.
You can’t claim if the only impact on your business is increased costs. For example, if you had to buy face masks and cleansers it wouldn’t be seen as reduced demand.
Under the Self-Employed Income Support System (SEISS), the government covers 80% of your trade profits within three months.
So far, from November to January 2021, the self-employed only received government grants equal to 40% of the average monthly profit.
The last grant had a value of 3. 750 GBP but dropped to 5 in early November. Raised £ 160.
Self-employed would have received 55% of trading profits over the next three months – including 80% of trading profits in November.
But then Mr. Sunak increased it to 80% of trading profit from November to January – up to a maximum of £ 7. 500.
The government has also announced that there will be a fourth grant for February through April 2021, but the details, including the amount, have yet to be confirmed.
You don’t have to repay the grants if you are eligible, but they are subject to income tax and self-employed social security.
Self-employed workers who have problems can receive the payout and apply for a universal loan. However, this is classified as income and can affect how much benefits you receive.
In order to get a deep insight into how SEISS works, we have put together a guide with everything you need to know about the system.
We are also summarizing six programs that have been expanded to help the British with the second lockdown in England.
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Self Employment, Grant, Employment, HM Revenue and Customs, United Kingdom
EbeneMagazine – UK – The third self-employed grant worth up to 7. 500 GBP can be requested today