The fifth and final self-employed grant is open, meaning it’s the last chance for Brits to apply for it.
Unlike the previous grants, it’s now not “all or nothing”, with how much you get depending on the extent to which your business has been hit by the coronavirus pandemic.
The grant is valid for five months, from May 1 through September 30. The grant is only good for three months of average trading profits.
The deadline to claim the money is September 30th, which is less then two weeks away. So you need to act quickly!
Apply online with your Government Gateway account.
At the moment, more than 800,000 people have applied for the fifth grant.
The grant eligibility criteria is the same for the fifth grant. If you were eligible to claim or have claimed the previous grant, you will be eligible to apply again.
The fifth grant is available to the 600,000 self-employed entrepreneurs who received the fourth grant.
This means that millions of people are still exempted from the grant due to a strict profit threshold. Directors of limited companies who mainly receive dividends will be excluded.
According to moneysavingexpert.com, the maximum grant amount anyone can claim is £7,500.
Based on your average three-month trading profits, the amount you receive is based upon 80%. However, you won’t be able to claim more than £7,500 – even if your calculation should mean you’d get more.
It is important to note that you won’t automatically receive the amount your average profit makes you eligible for. Your turnover will also affect the size of your 5th grant.
One exception is this: if you are a newly self-employed person in 2019/20, and you meet the other criteria for eligibility, the amount you can receive will be based only on this year’s tax returns. This means that will automatically get 80% of three months of your average trading profits (capped at £7,500) without regard to turnover. This is because you have missed the first three grants.
You should be aware that if you are looking to remortgage your home, applying for the grant may ruin your chances.
Head over to government website to check whether you can claim.
If you’re confident you can claim, you can do so here.
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