Have you received a Self-Employment Income Support Scheme overpayment?

Act now or you could face a HMRC enquiry and penalty

Millions of self-employed workers have benefited from the Self-Employment Income Support Scheme (SEISS) during the last year, with billions of pounds paid out to those in difficulty due to the pandemic.

However, HMRC is now taking action against those who have received an overpayment.

How much could I get fined for an SEISS overpayment?

Claimants who receive an overpayment of an SEISS grant could face a penalty of up to 100 per cent of the SEISS grant overpaid.

When calculating fines, HMRC takes into account whether the taxpayer knew they were entitled to the SEISS grant when they received it, and when it became repayable or chargeable to tax because the individual’s circumstances changed.

This is why it is important to state your circumstances with professional help when responding to an HMRC enquiry.

How quickly do I need to act to report an SEISS overpayment?

Claimants who receive an overpayment must notify HMRC within 90 days of receipt.

If you think you may have over-claimed or are notified of an overpayment by HMRC, you need to act now!

How we can help

A HMRC enquiry can be a stressful experience, especially if you are unaware of any wrongdoing.

We can help review your claims for the SEISS grant and determine whether the figures provided by HMRC are correct so that you only repay what is due and can challenge any inaccuracies.

Ask about our Tax Investigation Protection Scheme

Dealing with a tax enquiry can be costly, which is why we offer a tax enquiry fee protection service.

For help with an SEISS overpayment, HMRC penalty or investigation, please contact us.

Posted in Business.