Martin Lewis, 48, is popular among Britons who are looking to cut costs and find the best deals. He has used his platforms to bring awareness to a number of issues which could help families save money. But appearing on ITV’s This Morning today, Martin offered an important warning to those looking to claim through the SEISS scheme.
One man, John, wrote in to the show to explain he had been forced to self-isolate after going on holiday when the rules changed, and now he’d been left out of pocket as he was self-employed.
He asked Martin whether there was anything he could claim from the government to help.
Martin responded, saying: “That’s what the self-employment income support scheme is for, but it closes on Monday.
“The second grant which is just over £6,000 is useful.
SEISS has provided valuable support to self-employed individuals amid the COVID-19 crisis.
It has offered grants to self-employed people whose businesses have suffered as a result of the pandemic.
The scheme is very much like furlough, in the sense that it provides financial help, providing people with a proportion of their income.
Rules surrounding the grant mean it is based on payment history and records, which must be kept up to date by those making a claim.
The second taxable grant is worth 70 percent of a person’s average monthly trading profits.
Self-employed people can expect this to be paid out in a single instalment covering three months’ worth of their profits.
This grant is capped at £6,570, so striking while the iron is hot is key.
To claim under SEISS, however, a person must also meet a set of criteria.
They are required to have traded in the 2019/20 tax year, and intend to continue trading this tax year.
Trading profits must be no more than £50,000 and equal or above a person’s non-trading income.
A person is also required to have submitted their self-assessment tax return on or before April 23, 2020 for that year.
And, as Martin explained, they must also prove their business has been affected by the pandemic.
While the grant is being extended as Martin said, financial support will be reduced.
From November 2020 to April 2021 there will be two additional grants on offer to those who need further assistance.
However, Britons can expect these sums to be lower than what they may have received through SEISS.
Martin Lewis is the Founder and Chair of MoneySavingExpert.com. To join the 13 million people who get his free Money Tips weekly email, go to www.moneysavingexpert.com/latesttip