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Martin Lewis warns parents they have days to claim £14,000 coronavirus grants

Founder of MoneySavingExpert, Marin Lewis, claims there are just days left for the self-employed to claim thousands of pounds.

In his weekly newsletter, the finance expert urged Brits to apply for the Government’s grant.

Martin 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 which is with up to £6,570.

Its made up of 3 months worth – of 70% – of average trading profits.

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Some parents could get as much as £14,000, reports The Mirror.

Why?

Well, Martin claims that as new parents who didn’t submit a 2018/19 tax return – or posted trading profits below 50% of their income – were not eligible under the original grant rules, they missed out on the first grant.

This changed in August, so those mums and dads can now apply for the cash.

HMRC has said they will use your 2016/17 and 2017/18 tax returns to figure out eligibility if you were pregnant, gave birth, cared for a child under one or had adopted a child less than a year ago.

Parents need to have been self employed in 2017/18 and have submitted a tax return for the year before April 23 2020.

Matin stated: “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.

“Yet don't panic, as that could just be, say, a reduction in trade, staff illness or extra PPE costs.”

There will be two more grants coming up too – one to cover November to January and another to cover February through April.

Unfortunately, the next one will only cover 20% of profits – totalling £1,875.

The January grant may be more, but the Treasury said it "may be adjusted to respond to changing circumstances".

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