{"id":4398,"date":"2021-11-04T15:51:56","date_gmt":"2021-11-04T15:51:56","guid":{"rendered":"https:\/\/www.bainesjewitt.co.uk\/blog\/?p=4398"},"modified":"2021-11-04T15:52:00","modified_gmt":"2021-11-04T15:52:00","slug":"hmrc-asks-sole-traders-to-correctly-report-seiss-grants-or-repay-in-full","status":"publish","type":"post","link":"https:\/\/www.bainesjewitt.co.uk\/blog\/hmrc-asks-sole-traders-to-correctly-report-seiss-grants-or-repay-in-full\/","title":{"rendered":"HMRC asks sole traders to correctly report SEISS grants or \u201crepay in full\u201d"},"content":{"rendered":"

Sole traders who have not correctly reported their Self Employment Income Support Scheme (SEISS) grants may be forced to repay them in full, it has been warned.<\/p>\n

<\/p>\n

HM Revenue & Customs (HMRC) is writing to self-employed business owners reminding them of their legal obligations.<\/p>\n

According to the tax authority, traders who claimed the first, second and\/or third SEISS grant but did not include them in their 2019\/20 tax return or did not complete a tax return for the relevant year need to take immediate action.<\/p>\n

The letter, found here<\/a>, tells claimants to register for Self Assessment if they haven\u2019t done so already and submit a tax return for the 2019\/20 tax year, or amend the submitted tax return.<\/p>\n

Action must be taken within 30 days of receiving the letter, or you will be asked to repay the grants in full. If you are submitting a late tax return, you may also be asked to pay a late filing penalty; the deadline for the 2019\/20 tax return was 31 January 2021.<\/p>\n

Those who did not trade in 2019\/20 must also repay any grants in full.<\/p>\n

\u201cYou should show this letter to your Tax Adviser or Accountant if you have one,\u201d HMRC writes.<\/p>\n

\u201cPlease take action within 30 days, or we will need you to repay the grants you received. You may be charged a late filing penalty if you are submitting your tax return late (a late filing penalty won\u2019t apply if you\u2019re amending a return you have already submitted).\u201d<\/p>\n

For help and advice with related matters, please get in touch with our team today.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Sole traders who have not correctly reported their Self Employment Income Support Scheme (SEISS) grants may be forced to repay them in full, it has been warned.<\/p>\n","protected":false},"author":2,"featured_media":4400,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,31,75,108,87],"tags":[],"_links":{"self":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts\/4398"}],"collection":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/comments?post=4398"}],"version-history":[{"count":1,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts\/4398\/revisions"}],"predecessor-version":[{"id":4399,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts\/4398\/revisions\/4399"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/media\/4400"}],"wp:attachment":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/media?parent=4398"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/categories?post=4398"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/tags?post=4398"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}