HMRC has launched nearly 13,000 investigations into alleged abuse of the government’s coronavirus (COVID-19) financial support schemes.
The latest data from the Institute for Fiscal Studies (IFS) shows that at the end of April 3.4 million jobs were still on furlough so the change to the furlough scheme will affect thousands of employers across the country.
The forms P11D which report details of benefits and some expenses provided to employees and directors for the year ended 5 April 2021, are due for submission to HMRC by 6 July 2021. The process of gathering the necessary information and completing the forms can take some time, so it is important that this process is not left to the last minute.
The fifth Self-employment Income Support Scheme (SEISS) grant covering May 2021 to September 2021 will open to claims from late July, HMRC has confirmed.
To be eligible for the grant, an individual must be self-employed or a member of a partnership. They must have traded in the tax year 2019/2020 and submitted their tax return on or before 2 March 2021, and also have traded in the tax year 2020/21.
The amount of the fifth grant will be determined by how much an individual’s turnover has been reduced in the year April 2020 to April 2021.
HMRC will provide more information and support by the end of June 2021 to help individuals work out how their turnover was affected.
The online claims service for the fifth SEISS grant will be open from late July 2021. In mid-July HMRC will contact individuals who are eligible based on their tax returns to give them a date from which they can make their claim.