Further to our previous email dated 19th June 2020 relating to this grant, please note that HMRC are now accepting claims for the second period.
To be eligible to make a claim under this extension, individuals will need to confirm that their business has been adversely effected by COVID-19 on or after 14th July 2020. In addition to this, the same eligibility criteria apply to this second claim as those outlined for the initial on:
- The individual must have traded in the tax year 2018/19 and submitted their Self Assessment return on or before 23 April 2020
- The individual must have traded as self-employed in the tax year ended 5th April 2020
- The individual must intend to continue to trade as self-employed in the tax year ended 5th April 2021
- The average trading profits of the business must be less than £50,000
- Trade must have been adversely effected by coronavirus
- Individuals are able to claim for this second grant even if they did not make a claim in the first period
This second and final grant will be paid as a single payment and is for 70% of your average monthly trading profits, capped at £2,190 per month, for a three month period meaning a maximum claim of £6,570.
The deadline to make a claim for this second period is 19 October 2020.
Should you require any further information on this or any other matter please feel free to contact us