The West News
    Facebook Twitter Instagram
    The West News
    • Home
    • News
      • Tech
      • Sports
      • Local
    • Entertainment
    • Gaming
      • Guides
      • Elden Ring
      • Fortnite
      • New World
      • FIFA 22
      • Pokemon Go
    • Credit Card
    Facebook Twitter Instagram
    The West News
    Home»News»Martin Lewis’ £14,000 payment warning to all parents in the UK
    News

    Martin Lewis’ £14,000 payment warning to all parents in the UK

    The West NewsBy The West NewsOctober 14, 2020Updated:October 14, 20203 Mins Read
    Facebook Twitter Pinterest LinkedIn Tumblr Email
    Martin Lewis’ £14,000 payment warning to all parents in the UK
    Share
    Facebook Twitter LinkedIn Pinterest Email
    Money Saving Expert Martin Lewis has issued an urgent warning to parents in the UK.

    He says people with children have a matter of days left to act – or risk losing out on grants for up to £14,000 – which are funded by the government.

    Related Articles

    Writing in his weekly Money Saving Expert newsletter, he 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, reports the Mirror.

    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.

    Click to play
    Tap to play

    The video will start in8Cancel

    Play now

    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”.

    Source link

    Martin Lewis Money
    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    The West News
    • Website

    TheWestNews is a publication where we share the latest news regarding entertainment, gaming, sports, and local American news. Want to be featured or have some tip for us then reach at "[email protected]"

    Related Posts

    Video Game Expo ‘E3’ Canceled for 2023

    March 31, 2023

    Fortnite: How to Get Survey Skins

    March 31, 2023

    MLB The Show 23: How to Update Rosters

    March 31, 2023

    Comments are closed.

    Video Game Expo ‘E3’ Canceled for 2023

    March 31, 2023

    Fortnite: How to Get Survey Skins

    March 31, 2023

    MLB The Show 23: How to Update Rosters

    March 31, 2023

    MLB The Show 23: How to Turn Off Baserunning

    March 31, 2023

    Best Credit Card Signup Bonus Offers in March 2023

    March 25, 2023

    UBS is going to purchase the struggling Credit Suisse

    March 20, 2023

    How To Add Crypto to MT4

    March 20, 2023

    Die besten Kreditkarten, die man in der Schweiz haben kann

    March 18, 2023
    Facebook Twitter Instagram Pinterest
    • About Us
    • Contact
    • Disclaimer
    • Privacy Policy
    • Sitemap
    © 2023 TheWestNews.

    Type above and press Enter to search. Press Esc to cancel.