Self Employed Income Support Scheme (SEISS) Grant Repayment
When tax payers submitted each SEISS claim, they were required to confirm eligibility for those grants. If grants have been claimed which the taxpayer was not entitled to, HMRC needs to be notfied and the grant needs to be repaid.
SEISS grants 1, 2 and 3 required the claimant’s business to have been ‘adversely affected’ by the Coronavirus. Any over claimed grant needs to be repaid by 31 January 2022 in order to avoid penalties. HMRC however needs to be notified of the over claimed grant by 20 October 2020 for SEISS 1 and by 90 days from the receipt of the grant for SEISS 2 and 3.
SEISS grants 4 and 5 require the claimant’s business to effectively have suffered reduced sales as a result of the impact of Coronavirus. Any overpaid grants need to be repaid by 31 January 2023 and HMRC notified either by 90 days from the receipt of the grant or tax return amendment if later.