Where grants claimed under the self-employment income support scheme (SEISS) do not correspond with records held by HM Revenue & Customs (HMRC), it will auto-correct 2020-21 tax returns and issue a new SA302 calculation to both taxpayer and acting agent.
Corrections may be necessitated if:
If your return is auto-corrected to include details of an SEISS grant, but you did not receive a grant, you should speak with your agent or HMRC immediately as this could point to fraudulent activity.
2020-21 self-assessment tax returns should accurately report the first three SEISS grants, as the grants are taxable in the tax year that they are received.
HMRC has only been auto-correcting returns since 19 June, meaning that any received before this date will still require manual input and so the wait time for processing these may be longer.
If you receive notification that your tax return has been auto-corrected, you may choose to either accept the correction and amend the return, if appropriate, or dispute it.
If you intend to dispute a correction, you should ensure this is notified to HMRC within 30 days of the correction notice and in writing, where possible.
A careful review of your records, and the right professional advice where necessary, should enable you to determine the applicable response.
Where you have received any SEISS or other taxable grants, your accountant or adviser should be made aware of these to enable them to accurately prepare your tax returns.
“Richard Anthony case study – Terry Lewis – Jaques Samuel Pianos Widely considered to be London’s leading piano retailer, Jaques Samuel Pianos has grown considerably from its humble beginnings in the front room of Mr Samuel’s home in Notting Hill. They are now internationally recognised and have provided pianos for high-profile clients like Queen and […]”
Terry Lewis – Jaques Samuel Pianos
“Richard Anthony: ‘a super-star firm’ MT Finance is a property finance lender, specialising in bridging loans and auction finance. They assist numerous property professionals, business owners, and individuals with their finance requirements and specialise in short-term asset-based lending. Founder and Director, Tomer Aboody, knew that as an asset-based lender, the business would require an expert […]”
Tomer Aboody – MT Finance
“A family fairground success story The Botton family have been running a traditional fairground, arcade and amusement park in the heart of Skegness since taking over the Pleasure Beach in 1965. Jim, the Director of the company, took over from his father and now heads day-to-day activities and administration. He said: “The Pleasure Beach is […]”
Jim Botton – Pleasure Beach (Skegness)