Martin Lewis breaks down the self-employed grant scheme – when will funds arrive? | Personal Finance | Finance

Martin Lewis, 47, has offered loads of perception in current weeks on the brand new authorities help measures popping out. That continued tonight as he lined the Self-Employment Income Support Scheme (SEISS) on the Martin Lewis Money Show.

The authorities unveiled SEISS in late March after many had criticised the state for his or her lateness in responding to self-employed considerations.

The scheme will enable folks to say a taxable grant of 80 p.c of their common month-to-month buying and selling earnings, paid out in a single instalment masking three months, and capped at £7,500 altogether.

This is a brief scheme, however it could be prolonged.

The help measures are much like what has been supplied to PAYE employees.

However, there’s one key distinction that claimants ought to concentrate on. 

Furloughed workers will not be allowed to work for his or her employer whereas on go away.

However, self-employed individuals who obtain a grant can proceed to work, begin a brand new commerce or tackle different employment together with voluntary work, or duties as an armed forces reservist.

The grant itself will probably be topic to revenue tax and self-employed nationwide insurance coverage.

Some folks might have already got obtained notification from the state that they’re eligible for the scheme however claims can’t be submitted till subsequent week.

To make a declare, an individual will want their:

  • Self-Assessment UTR
  • National insurance coverage quantity
  • Government Gateway person ID and password
  • Bank account quantity and type code particulars.

Source link

more recommended stories