Print

Following publication of the Treasury Direction for the fourth Self-Employment Income Support Scheme (SEISS) grant, taxpayers and agents should be aware of the obligation to notify HMRC of amendments to tax returns.

Background

Tax return amendments: HMRC notification

The Direction specifically uses the term 'immediately': it is not known how strictly this will be applied in practice. 

De minimis

The notification rules do not apply if either:

Notification deadline and penalties

HMRC need to be informed:

Penalties may be charged if HMRC are not informed of the change in grant entitlement unless the grant is reduced by £100 or less. 

Further guidance

HMRC are expected to update their guidance by mid-May 2021 to explain:

Useful guides on this topic

COVID-19: Self-Employment Income Support Scheme (SEISS)
Support for the self-employed during the Coronavirus crisis. 

SEISS: Fourth grant details
HMRC have updated their Self-Employment Income Support Scheme (SEISS) guidance to reflect the fourth grant which will become available later this month. 

COVID-19: Government support tracker
This tracker covers measures announced by the government to support individuals and businesses, as we get through COVID-19.

External links

The Coronavirus Act 2020 Functions of HMRC (Self-Employment Income Support Scheme Extension 4) Direction


Oak ad
Are you enjoying our content? 

Thousands of accountants and advisers and their clients use www.rossmartin.co.uk as their primary TAX resource.

Register with us now to receive our unique FREE Tax Planning Tips and Advice Guide & our FREE OMB Newsletter.