Parents in Coventry and Warwickshire are running out of time to claim government funded grants of up to £14,000 according to money saving expert Martin Lewis.

He told those with children they have just days to act with a deadline looming for the Self-Employment Income Support Scheme which closes on Monday (October 19) reports the Mirror.

And, for those who have not claimed previously, they could be entitled to claim for previous years grants boosting the claim to up to £14,000.

Urging parents to check if they’re eligible in his weekly Money Saving Expert newsletter  Martin said: “”The deadline to apply for the 2nd Self-Employment Income Support Scheme grant is this Monday (19 Oct).

“DON’T assume you don’t qualify.”

The scheme offers a non-repayable, taxable grant, worth up to £6,570, made up of 3 months’ worth (of 70%) of average trading profits.

However, some parents might be able to get as much as £14,000.

That’s because under the original rules, new parents who didn’t submit a 2018/19 tax return – or posted trading profits that were less than 50% of their income – weren’t eligible to claim.

That changed in August, meaning these parents can now apply for the money.

HMRC said it will use your 2016/17 and 2017/18 tax returns to work out eligibility if you were pregnant, gave birth or caring for a child under the age of one – or had adopted a child who had been with you for less than a year.

Parents also need to have been self-employed in 2017/18 and submitted a tax return for the year before April 23, 2020.

Martin also had some words of reassurance to people worried about qualifying for the scheme.

“HM Revenue & Customs should’ve contacted those who are eligible, but many may be put off applying, as you need to declare an adverse impact due to Covid-19 since 14 July,” Martin wrote.

“Yet don’t panic, as that could just be, say, a reduction in trade, staff illness or extra PPE costs.”

It’s not the last time you’ll be able to claim for a loss of work either.

There will be two more grants, one to cover the three months from November to January, and a second to cover February through to April.

But the next one is only worth 20% of average monthly profits, up to a total of £1,875 – rather than the 70% up to £6,750 the last one was.

There’s a chance the second grant in January will be worth more, however, with the Treasury saying it “may be adjusted to respond to changing circumstances”.

To sign up for our newsletter, delivered free to your inbox, click here.





Source link

Leave a Reply

Your email address will not be published. Required fields are marked *