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. It is worth only three months of average trading profit.
The deadline for those who wish to claim the money, which is less than two week away, is September 30, so be quick!
You can apply online for the grant using your Government Gateway account, just like previous grants.
(Image: Getty Images)
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 as for the first. 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.
Due to the strict profit threshold, millions are still out of reach. 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.
The amount you get is calculated based on 80% of your average trading profits for the past three months. However, you won’t be able to claim more than £7,500 – even if your calculation should mean you’d get more.
Also, you will not automatically be eligible for the amount of your average profit. The amount of your turnover also influences the size and value of your 5th grant.
This exception applies, however: If you become newly self-employed in 2019/20 but meet all the other requirements, the amount that you can get will only be based upon 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 due to the fact that you missed the first three grants.
However, this grant could be detrimental to your chances of remortgaging.
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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