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The deadline for the employment income support scheme (SEISS) is approaching really fast.
Self-employed workers have just over a week left to claim the third coronavirus grant worth up to £7,500.
The scheme has already given out two rounds of grants to the self-employed workers in the country since the pandemic began.
Chancellor Rishi Sunak announced the third grant in September after he extended the SEISS to help workers survive the winter.
The third grant opened for applications on November 30, and you must make your claim on or before January 29.
In November, Mr Sunak also increased the grant to £7,500, covering 80% of trading profits for November to January.
However, self-employed workers must meet a set of criteria to be eligible for the payout as the government seeks to avoid fraud.
To check if you're eligible for the self-employment grant, here is a simple checklist:
- You must have been eligible for the first and second grant – even if they weren't claimed
- You must declare that you intend to continue to trade and that you're either currently trading but impacted by coronavirus
- You must declare that you weren't previously trading but are temporarily unable to due to the pandemic
- You must have filed a tax return for 2018/19, meaning you must have been self-employed before April 6, 2019
- You must also earn more than half of your total income from self-employment
- Your trading profit must be less than £50,000 a year
The grants are calculated based on the average of your profits over three tax years, 2016/17, 2017/18 and 2018/19.
If you didn't trade in 2016/17, then it will be based on your average profits in 2017/18 and 2018/19, or 2018/19 if that's the only year.
Self-employed workers who are company directors or run their businesses as limited companies are not eligible.
But if you claim maternity allowance this will not affect your eligibility for the grant.
Workers will need their national insurance number, self-assessment unique taxpayer reference and Government Gateway user ID.
Don't forget your UK bank details too. For more details head over to the GOV.UK website on or by January 29.
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