Good morning. Today we’re providing you with an SEISS claim update. If you have claimed, or plan to claim, under the government’s Self-Employed Income Support Scheme, you’ll find this post useful.
Second SEISS claim deadline today – 19 October
If you intend to make a claim for the second SEISS grant, then you need to get your skates on! HMRC believes that 1m self-employed people who are eligible for the grant have yet to claim it. Many will not have claimed because their business has not been ‘adversely affected’ the COVID-19 pandemic. However, if you are eligible, you can still make your SEISS claim online before midnight tonight.
You can find more details on the eligibility criteria here. If you are a THP client and need further help, please contact your account manager.
HMRC questioning SEISS claims
According BBC News, the taxman is sending out 24,000 letters to people who have claimed SEISS grants. These letters are going to self-employed people who had told HMRC that they had stopped trading at some point. According to the rules, these people would only be eligible for the grant if they had restarted trading.
An HMRC source said that people will be asked for documentation to prove that they had re-started trading. Those who had stopped trading, but still made a successful claim, have to reply to the letter by 20 November to avoid a penalty.
If you receive one of these letters and aren’t sure how to respond, then please contact your THP account manager. They will be very happy to advise.
It’s also worth noting that HMRC believes up to £258m in SEISS grants could have been claimed fraudulently or in error. Some people have had their identities used by fraudsters to make an SEISS claim. If you believe this has happened to you, contact HMRC immediately.
Third and fourth rounds of SEISS claims
You will probably be aware that the government has announced an SEISS extension. A third round of the grant will cover 20% of average monthly trading profits (up to a maximum of £1,875). This round will cover the period from 1st November to the end of January. A fourth – and probably final – round will cover the period from 1st February to the end April. The amount of that grant has not yet been set, but we will let clients know as soon as this information is announced.
If you are self-employed and looking for a new accountant that works hard to help people like you, please get in touch.
About Jon Pryse-Jones
Since joining THP in 1978, Jon Pryse-Jones has been hands on with every area of the business. Now specialising in strategy, business planning, and marketing, Jon remains at the forefront of the growth and development at THP.
An ideas man, Jon enjoys getting the most out of all situations, “I act as a catalyst for creative people and encourage them to think outside the box,” he says, “and I’m not afraid of being confrontational. It often leads to a better result for THP and its clients.”
Jon’s appreciation for THP extends to his fellow team members and the board. “They really know how to run a successful business,” he says. He’s keen on IT and systems development as critical to success, and he continues to guide THP to be at the cutting edge and effective.