HMRC oversees a number of payments, but during the pandemic it was responsible for providing support to the self-employed. Many saw their businesses impacted by closures or a lack of custom, and SEISS was designed to help in the form of five separate grants. Applications for the fifth and final grant closed on September 30, drawing to an end over a year of support for the eligible self-employed in this way.
For example, this could occur if a person did not intend to continue to trade, or they have incorporated their business.
Similarly, under the terms of the first or second grant, a person must have seen their business adversely affected.
As it relates to the third, fourth and fifth grant, a business must have been impacted by reduced activity, capacity or demand, or have been unable to trade in the relevant periods.
In most cases, if a person is not eligible to receive the grant and is required to pay it back they must inform HMRC within 90 days of receiving the grant.
HMRC also warns individuals may have to pay a penalty in this circumstance.
The Revenue understands genuine mistakes can often be made, but urges Britons to be honest if this occurs.
If a person does have to pay money back, they can check whether they need to tell HMRC and pay back some or all of the grant.
This can be done via the Government’s official website, where a portal has been established for this purpose.
For all the latest Business News Click Here
For the latest news and updates, follow us on Google News.