The scheme has been extended. If you were eligible for the first grant and can confirm to HMRC that your business has been adversely affected on or after 14 July 2020, you’ll be able to make a claim for a second and final grant from 17 August 2020.
The scheme allows you to claim a second and final taxable grant worth 70% of your average monthly trading profits, paid out in a single instalment covering 3 months’ worth of profits, and capped at £6,570 in total.
As with the first grant HMRC will contact you if you’re eligible.
You can make a claim for the second grant if you’re eligible, even if you did not make a claim for the first grant.
How the grant works:
receive the grant you can continue to work, start a new trade or take on other employment including voluntary work, or duties as a military reservist.
The grant does not need to be repaid but will be subject to Income Tax and self-employed National Insurance.
HMRC will work out if you’re eligible and how much grant you may get. But you can follow these steps to help you understand how we will do this and what you can do now.