Before the current emergency Govt-19 program can be completed for good, tens of thousands of self-employed will have to apply for a government-backed subsidy by midnight.
Businesses badly affected by the epidemic have until the end of Monday to apply for support worth $ 7,6,750.
This is through the Self-Employment Income Support Scheme (SEISS) available to businesses earning less than $ 50,000 a year.
The taxable payment is worth 70% of your average monthly business profit and will be paid in a single installment covering three months’ income to those who qualify.
This is set at 19,190 per month – so the maximum you can claim is 7,6,750.
However, it closes at midnight on October 19, 2020.
To apply at this time, you must confirm that your business has been infected with the virus since July 14th.
Grant recipients may continue to work or start new businesses or engage in other work, including volunteering.
Applications for the first grant were closed on July 13, 2020. The second grant opened for applications on August 17, 2020, and closes today, October 19, 2020.
Who is eligible for the grant?
To qualify, you must have filed your tax return for 2018/19 with HMRC, which means you must be self-employed by April 6, 2019.
Grants are calculated based on your average profit over three years (i.e. in 2016/17, 2017/18 and 2018/19).
If you were not in business in 2016/17, it will be based on your average profit in 2017/18 and 2018/19, otherwise the last tax year.
To qualify, you must earn more than half of your total income through self-employment, and your profit must not exceed £ 50,000 per year.
Self-employed workers who are company directors or run their businesses as limited companies.
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How can I apply for assistance?
You can make your request via Gov.uk website.
The following information is required to apply for self-employed workers:
Applicants must claim themselves through the HMRC and cannot use an agent or accountant to act on their behalf.
What happens next?
Rishi Sunak Announced a new self-employment grant on September 24 for those who are still financially vulnerable.
However, the latest plan is only 20% of the average monthly profit, with a total of 8,875, lasting from November to January next year.
An additional second subsidy will be available to the self-employed from February 2021 to April 30.
The government has not yet confirmed how much this second subsidy will cover.