Following the Government’s extension to the Self Employed Income Support Scheme, it has now been announced that the extended scheme will go live on 17 August 2020.
There is no immediate action required. HMRC will contact you shortly before this date to confirm your eligibility and you will then be able to make your claim online via your Government Gateway account. You can make a claim for this second grant even if you did not make a claim for the first grant.
This second and final grant is worth 70% of your average monthly trading profits capped at £6,570. It will be paid out in a single instalment within six days of making your claim. As with the first grant the payment will be taxable and should be declared on your next tax return.
You are eligible for the grant if your business is adversely affected by Coronavirus on or after 14 July. Although not an exhaustive list, ‘adversely affected’ means:
You are unable to work because you:
You have had to scale down / temporarily stop trading / incurred additional costs because:
HMRC have published some examples to help clarify what is classed as ‘adversely effected’ which can be found here.
If you have any doubt over whether you are eligible to make a second claim, please contact us to discuss. You must keep evidence to show that your business was adversely affected at the time you made your claim.