Have you received an SEISS overpayment?

Act now before you are subject to an HM Revenue & Customs (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 under a tough penalty regime against those perceived to have abused the financial support on offer.

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 has said it will take 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.

Although overpayments must be reported to HMRC within a short period, individuals are being offered a longer window for repayment, as no fines will be enforced as long as overpayments are settled by the end of January 2022.

If you think you may have overclaimed or are notified of an overpayment by HMRC – Act Now!

How we can help

Any investigation, enquiry or penalty issued by HMRC 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 accurate so that you only repay what is due and can challenge any incorrect determinations.

The cost of dealing with and settling a tax enquiry can be costly, which is why we offer a tax enquiry fee protection service.

Subscribers to this service can receive financial support to cover the cost of our services during a HMRC enquiry.

If you require help with an SEISS overpayment, HMRC penalty or investigation, please speak to our experienced team today.