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While we are on the subject of tax returns, I just realised that I paid a chunk on account last year. It took a few days for government gateway to recalculate. Phew!
Yes I nearly had a coronary once until it recalculated!
Does this not just apply to ltd companies taking COVID help payments as a dividend in which case they might be subject to having to pay 32% interest on bounce back loans instead of the 2.5 % .
This is for personal tax returns and has nothing to do with dividends being paid.
This is for anyone who has claimed the Covid grant[s] and subsequently found that they were not needed. So this includes sole traders and partnerships.
There is of course a box for Covid payments that are CORRECTLY claimed. So this has to be declared separately and then added to turnover.
I have just paid my tax bill. I send my returns back no later than mid-September. I do not want to calculate my own tax, which makes them due at the end of October.
Presumably this is the last chance for people to declare their incorrect claims and repay them without a lot of hassle and possibly penalties.
The problem is that it is somewhat subjective. I quickly read the notes in the guide and was still no wiser. I suppose it comes down to how much was claimed and if turnover was up or down on the previous year. I would think that given that the decision is given to the tax payer, with notes and guidance from HMRC, then quantifying whether the grants were needed is left to the tax payer.
I did hear stories of some people claiming all the Covid grants throughout the year even though they were working as normal and were busier than ever. Maybe these people didn’t imagine that you would have to justify what was claimed later on. It would be interesting to know if anyone came unstuck with this.
I have heard of one company owner but not in our business who took grants but their business had to remain closed but they managed to find other self employed work , Everything they claimed was added on to their self employed earnings and has to be repaid even though they used the covid payments to keep thier business open .
At the time it was unclear to their financial adviser .
I know another who contacted HMRC to discuss eligibility and was told they qualified but seems the goal posts moved .