Self employed told to come clean

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Self-employed given 90 days to come clean on support After HMRC received tip-offs that some workers may have overclaimed under the Self-employed Income Support Scheme (SEISS) the Treasury has given itself sweeping powers to issue penalty charges against people who may have claimed too much COVID-19 support. The scheme provided a taxable grant worth up to 80% of average profits for a period of three months, capped at £7,500. HMRC said there had been 2.7m claims worth more than £7.7bn in support. The Finance Bill grants a 90-day amnesty period to self-employed workers, after which those who have overclaimed would face fines on a sliding scale of between 30% and 100%.

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