COVID-19 Related Grants Should Be Included On Tax Returns

In case you were unaware, self-assessment taxpayers must declare any COVID-19 related grants, including Self-Employment Income Support Scheme grants on their 2020/21 tax return ...

Although the Government was very generous with the Self-Employment Income Support Scheme (SEISS) during the COVID-19 pandemic, from the start HMRC informed us that SEISS grants were fully taxable and need to be declared on tax returns.

"Have you included your SEISS grants?"

And other forms of support will need to be declared as well. Did you receive any Coronavirus Job Retention Scheme (CJRS) grants? If you are self-employed, in a partnership or a limited company, they should also be declared. Grants should also not be netted off against any relevant expenditure.

Although HMRC has extended the filing deadline to the end of February 2022, please remember that interest is still payable from the 31st of January. Time is short, so if you haven't filed your self-assessment tax return yet, please do get in touch.

If you feel inspired to find out more about anything I've said here, do call me on 01908 774320 or leave a comment below and I'll be in touch as soon as I can.