HMRC is writing to taxpayers it believes should repay some of the self-employment income support scheme grant they received. Might this affect you and what should you do if you receive a letter?
HMRC has identified individuals whose entitlement to the SEISS grants has reduced by more than £100. It’s now in the process of writing to them. The letter includes a formal assessment for repayment of the excess grant. It also shows how the amount demanded has been worked out. Note that only the fourth and fifth SEISS grants are affected by HMRC’s recalculations.
If you receive a letter and accept HMRC’s calculations, you must pay the amount demanded. The assessment will show a payment reference and include instructions on the various methods you can pay by. If you need more time to pay, call HMRC on 0300 322 9497 within the 30 day period.
Failure to make payment within 30 days you will be liable to a penalty which will equal 5% of the amount of the assessment.
Should you not agree with HMRC’s figures you have 30 days from the date of the assessment (letter) in which your appeal must reach HMRC. Instructions on how to appeal are given in the letter. When appealing you should provide your alternative to HMRC’s calculations with your appeal.
If you need any assistance with the above please call the office on 01257 446580.