Don't Forget to Declare Your Covid Grants!
As the tax return deadline approaches, HMRC have issued guidance to taxpayers who may have received COVID-19 grants during the 2020-21 tax year.
If you claimed Self-Employment Income Support Scheme (SEISS) or received Coronavirus Job Retention Scheme (CJRS/Furlough) grants, you’ll need to include details of all the taxable coronavirus support scheme payments you received during the 2020 to 2021 tax year
SEISS grants you may have received during 2020-21 include:
- SEISS 1: 13 May 2020 to 13 July 2020
- SEISS 2: 17 August 2020 to 19 October 2020
- SEISS 3: 29 November 2020 to 29 January 2021
Grants received after 5 April 2021 will need to be declared as taxable income in the current tax year, 2021-22.
As well as the CJRS/furlough and SEISS grants, you will also need to declare grants received from the following support schemes:
- Test and trace or self-isolation payments in England, Scotland and Wales
- Eat Out to Help Out
- Coronavirus Statutory Sick Pay Rebate
- Coronavirus Business Support Grants
The Coronavirus Business Support Grants will include payments from local authorities, devolved administrations and any other public authority.
They are generally known as local authority grants or business rate grants and in all cases are taxable.
Don't hesitate to Contact Us if you need more advice regarding which grants need to be declared as income.
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