Self Employed Income Support Scheme Extension
This scheme is being extended, and you’ll be able to claim a second and final grant in August 2020.
HMRC will work out your eligibility the same way as the first grant. If you make a claim for the second grant you will have to confirm your business has been adversely affected on or after 14 July 2020.
This grant will be a taxable grant worth 70% of your average monthly trading profits, paid out in a single installment covering a further 3 months’ worth of profits, and capped at £6,570 in total.
You can claim for the second and final grant even if you did not make a claim for the first grant.
Don’t forget this is treated as income for self employment and is liable for Income Tax and Class 4 National Insurance for 2020/21
The online service for the second and final grant is not available yet. Do not contact HMRC as they will update the guidance when this service is available and we will keep you updated on our blogs