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Self Employed Scheme penalty warning

Have you received an SEISS grant?

HMRC is contacting businesses which claimed a grant under the Self-Employment Income Support Scheme to check whether they have stopped trading.

What do you need to do?

HMRC has contacted some businesses which received a grant under the Self-Employment Income Support Scheme (SEISS), asking them to confirm whether they are still trading. If your business has stopped trading, HMRC will need to check whether you were eligible for the grant and whether the grant needs to be repaid. If your business is continuing to trade, you still need to respond to HMRC’s request and may be asked to provide evidence.

Those who received the grant before 22 July 2020 must inform HMRC by 20 November 2020 and those who received the grant on or after 22 July 2020 must inform HMRC within 90 days of receiving the grant. If you do not inform HMRC on time, you may be charged a penalty.

Who will need to repay the grants?

One of the criteria to receive the grant was that the business was continuing to trade or would be except for coronavirus and intended to continue trading. Therefore, if your business permanently stopped trading during the months that the grants covered, you may not have been eligible for part or all of the payment. If you need to repay the grant, HMRC will contact you with further details and you will have 30 days to pay. If you are not able to pay, you can call HMRC to discuss setting up a payment plan.

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