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SEISS 4th Grant

MoneyTreeMe
Posts: 55 Forumite

in Cutting tax
Hi,
As HMRC have delayed self-assessment deadline to the end of Feb, will this mean they won't take into account 19-20 tax year for the 4th SEISS grant , meaning newly self employed can't claim? Or do you think this delay will mean more people included in the 4th grant? The announcement will be in March and I don't think there's going to be enough time between end of Feb and March for HMRC to use 19-20 tax return? What do you think?
As HMRC have delayed self-assessment deadline to the end of Feb, will this mean they won't take into account 19-20 tax year for the 4th SEISS grant , meaning newly self employed can't claim? Or do you think this delay will mean more people included in the 4th grant? The announcement will be in March and I don't think there's going to be enough time between end of Feb and March for HMRC to use 19-20 tax return? What do you think?
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Comments
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I doubt they will change the existing rules.
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We don't know, but I don't think the time period you mention rules anything out.0
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MoneyTreeMe said:As HMRC have delayed self-assessment deadline to the end of Feb
- The deadline has not been changed. Simply the penalty for late filing (£100) will be waived so long as you then file by end Feb.
- Tax due still has to be paid by end January and interest will be charged if it is not paid.
- If you have worked out the tax bill in time to pay by end January, why wouldn't you just file the return also?
- "Time to Pay" arrangements cannot be agreed unless you have filed your return. Any such arrangements still incur interest from 1st February.
As for, will SEISS 4 consider 2019-20 tax year, no-one can do more than speculate. I would not hold my breath.
This whole thing is, IMO, an own-goal by certain journalists. They have campaigned all year about "unfairness" in the current system, the recently self-employed, not fair that those who failed to submit tax return (for the extended deadline last year) were penalised under SEISS, etc. Same journalists also campaigned for the extension to filing deadline, which could be the very thig that prevents 2019-20 tax year being considered for SEISS 4. Here's my reasoning:- No penalty for late filing until 28th Feb
- No doubt there will still be a high number that miss the date
- Budget 3rd March at which SEISS 4 will be detailed
- Easy reason to reject considering 2019-20 in SEISS 4 as Government don't want to be unfair to those that missed extended filing date.
Yours,
Grumpy0 -
I'm not going to predict it one way or another. On the one hand, it would be far simpler, and consistent, for SEISS 4 to be based on the same average profits as the first three grants. On the other hand, 2019/20 returns will have been filed (late ones can be ignored) by 8 March, and there has been pressure on the Chancellor from a lot of MPs over the newly self employed.0
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