Highlights from the broader tax news week ending 22 September, which includes: upcoming deadlines for final claims for SEISS grants and for bulk appeals of late-filing penalties, as well as additional HMRC support on reporting coronavirus support grants on CT600s.
Reporting coronavirus support grants on CT600s
HMRC has confirmed that where a CT600 has been submitted without boxes 471-474 and 526 being completed (perhaps because the software had not been updated) it will accept the return if all coronavirus support overclaims have been repaid or assessed by HMRC before the tax return is filed. Companies do not have to amend returns except where an entry is subsequently required in box 526 (“coronavirus support schemes overpayment now due”). HMRC does expect all CT600 returns filed from now on to be fully completed.
HMRC has updated the CT600 guidance to clarify that box 473 (“CJRS and JSS overpayment already assessed or voluntary disclosed”) should be completed based on the position at the time the return is filed.
Final deadline nears for SEISS claims
The portal for making claims under the Self-employment Income Support Scheme (SEISS) closes on 30 September 2021. The fifth and final grant covers the period between 1 May and 30 September and those making claims must submit a claim by the end of 30 September. The final SEISS grants are subject to a turnover test, with those whose turnover reduced by more than 30% able to claim a grant equating to 80% of three months’ average trading profits (capped at £7,500). Those whose turnover was reduced by less than 30% are only eligible for grants equating to 30% of trading profits.
Agents have until 30 September to make bulk late-filing appeals
HMRC has confirmed to ICAEW that it will not accept bulk appeals against penalties for the late filing of 2019/20 self assessment tax returns after 30 September. In March, HMRC published guidance on how agents could make claims for up to 25 clients at a time, who for COVID-related reasons missed the self assessment deadline of 31 January 2021 and had still not filed by 28 February. Appeals must be made using a standard template and posted to HMRC, meaning agents with any outstanding appeals must act quickly to meet the 30 September deadline. Read the guidance.
ICAEW Know-How from the Tax Faculty
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