HM Revenue and Customs (HMRC) has issued a fact sheet directed at claimants of the Self-Employment Income Support (SEISS) that were not entitled to receive the grant.
The fact sheet contains information about assessments and penalties relating to amounts of SEISS grants that should not have been claimed.
This includes both of the following:
• a grant which they were not eligible to claim
• an amount of grant they received which was more than the amount HMRC said they were entitled to when you made your claim
The fact sheet states HMRC are prioritising work to support customers, while tackling serious fraud and criminal attacks.
They make it clear that they will use their power to assess overpayments and issue penalties to support these.
The fact sheet covers Notifying HMRC of overpaid amounts of grant, Recovery of overpaid amount of grant, penalties if claimants do not notify HMRC about an amount of grant claimants were not entitled to, appeals and provisions specific to partners and partnerships.
Read the factsheet in full here.
For further information on this or any other tax matter contact us on 01244 343504