The scheme to support sole traders and sole trader partnerships has been extended. There will be the opportunity to apply for a second grant under this scheme in August 2020.
The closing date for applications for the first grant under the scheme closes on 13th July. So, if you have not yet made a claim and your sole trader or sole trader partnership business has been adversely affected by coronavirus, then you should apply as soon as possible.
If you continue to be adversely affected by coronavirus in the period June to August 2020, you will be able to make a second claim in August 2020. This second grant will be made at 70% of average earnings, rather than 80% as per the first claim. It is anticipated that payments will be made in August. Generally, this is 6 days after an application is received.
Don’t forget, these grants are taxable and will go into your 2020/21 tax return.
Please remember, HMRC require that you do your own claim for this grant. It is not difficult to claim, but you will need your Gateway ID and password, so it will be good to check that you have these, in advance.
You can check out eligibility criteria and the way the grant is calculated by following GOV.UK
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