Hi all, I have asked this question on other forums and I am getting a mixed response.
Client was forced to shut up shop when covid first hit. They were a sole trader. They claimed the first and second SEISS grant and met all the correct criteria. No further claims were made. A year on and a thorough review of accounts, tax positions, risk etc they have decided to incorporate.
I am getting mixed responses and some have said definitively that this means that as they have ceased trading that the grants need to be declared and repaid however I tend disagree (happy to be proved wrong). They intended to trade and continued to do so throughout 20/21 and is making a business decision that was not present at the time of claim a year prior to progress their business and incorporate.
I can not find any specific guidance apart from the standard wording 'continue to trade' or reference to time frames in which the cessation of trade means a repayment. Can anyone please confirm either way or point me to the correct reference?
thankyou in advance