Bookkeeping Bites – 90 Days Deadline

Big G starting to flex their muscle a tad………. We now have 90 DAYS to let them know if we have, well, ermmmm, taken a bit more dosh than we should of….

🎙🎙 ‘Whadyamean????’ 🎙🎙

Soooo, be honest now, really honest….. Have you…..

💥 OVER claimed on an employee’s, or your own, furlough claim? 💥

💥 INCORRECTLY claimed the Self-Employed Income Support Scheme (SEISS)? 💥

Yeesssssssssss???? Dead simple. PAY. IT. BACK.

Not because we are telling you to. But because you really don’t want Big G on your back, if they find out before you tell them……….

How do you pay it back?

🤓 For furlough claims, an over claim can be corrected in the next furlough claim you do. Bang-on-dead-simple.

🤓 For an incorrect SEISS claim – you need to tell Big G as soon as possible, and repay the dosh. A bit more complicated, but how you do this is explained here:

https://www.gov.uk/guidance/tell-hmrc-and-pay-the-self-employment-income-support-scheme-grant-back

🥊‘Well, how do I know if I have incorrectly claimed the SEISS grant, I ain’t no Big G inspector!!’ we hear you cry!!!🥊

💥 Big G was relying on you to confirm that you were good on 3 (yes, 3!) conditions…. These are:

🤓 1. Your trade was ADVERSELY affected by the C-dawg

🤓 2. You traded in 2019/20 (if no tax return was available for this period)

🤓 3. You intended to continue to trade in 2020/21

The key thing if you are unsure, speak to someone, GET ADVICE, and ACT NOW….

The clock is ticking on those 90 days, which start from the claim date.

For more information, check out this article from our esteemed accounting colleagues https://www.accountingweb.co.uk/:

https://www.accountingweb.co.uk/tax/hmrc-policy/clock-is-ticking-to-repay-coronavirus-grants?

Ciao for now, stay safe everyone 😍😍😍

Leave a Reply

Your email address will not be published. Required fields are marked *