Applications for the second grant scheme will open on 17th August.
Please note that where an individual has received a grant, but one of the following criteria has not been met, the Government has provided a window for recipients to inform HMRC, without incurring any penalties. The criteria are:
- Trade has been adversely affected by COVID-19
- The individual traded in 2019/20 (if the tax return for that year has not been submitted)
- The trader intends to continue to trade in 2020/21
The windows to inform HMRC that you wish to repay the grant are:
- If you received your grant before 22 July 2020 you must tell HMRC on or before 20 October 2020
- If you received your grant on or after 22 July 2020 you must tell HMRC within 90 days of receiving the grant
Should you miss the windows to inform HMRC, and they later find that the above criteria were not met, HMRC can impose a penalty of:
- between 30% to 100% of the overclaimed amount for an unprompted disclosure; or
- 50% to 100% of the overclaimed amount for a prompted disclosure.