COVID-19 Related Grants Should Be Included On Tax Returns
Have you remembered to declare them?
Posted by Roger Eddowes on 27/01/2022 @ 8:00AM
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 ...
Have you remembered to declare your COVID-19 grants on your 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 remembered to declare your COVID-19 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.
Until next time ...
ROGER EDDOWES Business Godparent
Would you like to know more?
If anything I've written in this blog post resonates with you and you'd like to discover more about COVID-19 related grants and your tax return, it may be a great idea to give me a call on 01908 774320 and let's see how I can help you.
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Roger trained at Edward Thomas Peirson & Sons in Market Harborough before working at Hartwell & Co, followed by Chancery, as a partner. He started Essendon Accounts and Tax with Helen Beaumont in 2014 as a general practitioner with a hands-on approach.
Roger loves getting his hands dirty, working with emerging, small-to-medium and family businesses to ensure they receive the best possible accountancy advice. Roger utilises an extensive network of business contacts to leverage the best guidance and practical solutions.
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