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Failure To Report SEISS Grants Correctly Causing Delays

This could cause fines and penalties ...


Posted by Helen Beaumont on 07/07/2021 @ 8:00AM

According to HMRC, a large number of Self-Assessment tax returns for the 2020/21 tax year contain a range of inconsistencies that relate to the Self-Employment Income Support Scheme ...

HMRC is crosschecking tax returns against what they paid out for the SEISS grants!

HMRC is crosschecking tax returns against what they paid out for the SEISS grants!

copyright: imagestock / 123rf

This means that HMRC has been unable to process these returns automatically and delays are happening. The Insitute of Chartered Accountants in England and Wales (ICAEW) has confirmed this.

"Many taxpayers have incorrectly reported SEISS income from grants one to three!"

Of course, HMRC is crosschecking tax returns against what they paid out for these grants and so, when inconsistencies occur, automatic processing is unable to continue. It does have the power to correct tax returns where there is an obvious error or omission and an SA302 calculation will be issued to the taxpayer with any corrections on it.

However, if the information has been entered into the wrong box, HMRC cannot correct it themselves. The taxpayer will need to file an amended return. These delays could cause fines or penalties eventually.

So, if you're filing your self-assessment tax return soon, check that you've accounted for your SEISS grants correctly, and put the right amounts in the right boxes.

Until next time ...



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About Helen Beaumont ...


Helen brings the personal tax planning experience of the top 20 tax companies to Essendon. Formerly of MacIntyre Hudson (with 45 offices nationwide), Helen worked at Chancery for more than 10 years before joining Essendon as the personal tax specialist.

Tax Planning can make a considerable difference to your tax liability. Helen has specialist knowledge and experience in tax planning and uses every opportunity to minimise your tax bill is utilised. By analysing your investments, income, profit and expenditures, Helen will provide strategic tax planning expertise that could offer significant savings, whilst delivering clear, honest advice and guidance.

When Helen is not at Essendon she spends time with her young son and likes going on long walks with the family dog.