The second and final round of grants under the self-employed income support scheme (SEISS) open this month, offering a smaller lump sum grant.

From 17 August 2020, self-employed individuals who meet the scheme requirements will be able to access HMRC’s online service and claim up to £6,570 to cover three months’ of profits.

The lump sum will be worth 70% of their average monthly trading profits, which is 10% less than previous instalments.

The scheme is available to people who are self-employed or a member of a partnership, who meet the conditions set out by HMRC.

Individuals making a claim will be required to confirm that their business was adversely affected by coronavirus on or after 14 July 2020.

If you would like to discuss, please call your usual contact or a member of our tax teams, or email [email protected]