Last chance to apply for the government covid self-employment grant for Brits

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 covers five calendar months – from May 1 to September 30. However, it is only worth three months of average trading profits.

The deadline for those who want to claim the money is September 30, which is less than two weeks away, so you need to be quick!

Like the previous grants, you need apply online using your Government Gateway account.



How much you get will depend on the extent to which your business has been hit by the coronavirus pandemic

At the moment, more than 800,000 people have applied for the fifth grant.

The eligibility criteria for the grant is the same as for the fourth. So if you claimed or were able to claim the previous grant, you should be able to claim once again.

This means the 600,000 recent self-employed starters who got the fourth grant for the first time can also get the fifth.

Sadly, this also means millions are still excluded due to strict profit threshold. Those who are directors of limited companies and mainly take dividends will also miss out.

According to moneysavingexpert.com, the maximum grant amount anyone can claim is £7,500.

The amount you get is based on a calculation of 80% of your average trading profits over three months. However, you won’t be able to claim more than £7,500 – even if your calculation should mean you’d get more.

You should also note though that you now don’t automatically get the amount your average profits make you eligible for. The size of your 5th grant also depends on how much your turnover has been hit.

There is one exception to this though – if you became newly self-employed in 2019/20 and meet the other criteria, the amount you can get will be based on just 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 missed out on the first three grants.

Be warned though, if you’re looking to remortgage, claiming the grant might 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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