The second and final taxable grant is worth 70% of an individual’s average monthly trading profits, paid out in a single instalment covering three months’ worth of profits, and capped at £6,570 in total.
Applications for the second and final grant is closing shortly, taxpayers must make a claim on or before 19 October 2020. The grant is only available to businesses that have been adversely affected on or after 14 July 2020.
HMRC will work out businesses’ eligibility for the second grant in the same way as the first grant.
Taxpayers are able to make a claim for the second grant if they are eligible, even if they did not make a claim for the first grant.
HMRC have confirmed that taxpayers can:
- continue to work
- start a new trade or take on other employment including voluntary work and duties as a military reservist
The grant does not need to be repaid if a taxpayer is eligible but will be subject to both income tax and self employed National Insurance.
Internet link: GOV.UK SEISS guidance