An error in HMRC's's API has caused the SEISS grants received to be presented in pence rather than pounds.
What is SEISS?
The Self-Employment Income Support Scheme is a grant eligible to those who are self-employed or a member of a partnership and have been impacted by COVID-19. Those who have filed for the 2020/2021 tax year are being presented with larger amounts than what they actually received.
What's the error?
It seems as though HMRC's API has shifted the decimal points on these values two spaces to the right, displaying the figure as if it were in pence rather than pounds. For example, one post by HarryB, via accountingweb.co.uk, claims that their client appeared to have received £1.4 million from SEISS, when it was likely £14,000 as another user suggests.
Reports of this error has effected multiple tax return software providers and very clearly is a problem on HMRC's end, who have addressed this, saying, "we are aware of a problem with the way that SEISS grants received in the 2020/21 tax year are being presented on the individual income API. Figures are being presented in pence rather than pounds. We are working to resolve this issue as soon as possible, and will provide you with a further update as soon as we have more information."
How to resolve it
HMRC have stated you can change this figure manually by deleting the false figure and entering the correct one if the figure is wrong.
If you need assistance with your year end tax returns or with claiming SEISS, contact us or visit our price sheet on our website.