SEISS grants overpayments chased by HMRC
HMRC is now contacting taxpayers who received more SEISS grants than they were entitled to.
HMRC is examining the SEISS claims and comparing them to amended returns. Indeed including the 2020/21 returns, which cover the fourth and fifth grants.
HMRC contacts taxpayers
Letters are being sent to taxpayers which include a detailed assessment of the amount due. The letter will also include how HMRC calculates the amount due.
Where a taxpayer chooses not to accept the assessment, they will need to contact HMRC in writing. They have 30 days from the date on the letter to contact HMRC.
A HMRC spokesperson said: ‘We are asking customers to repay SEISS overpayments following amendments they’ve made to their latest tax return.’ HMRC aims to ensure taxpayers get their entitled grant.
A time to pay arrangement may be an option for taxpayers who cannot repay the money owed. In this instance, the taxpayer should contact HMRC.
If the payment is not made or a time to pay arrangement has not been set up, a 5% late payment penalty will apply. Interest will also apply from 31 January 2023 on any unpaid amounts.
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This guide is an informative piece and does not constitute tax advice for individual matters.