Don’t forget to declare coronavirus grants on your tax returns!
There’s not long to go until the deadline for the 2021/22 tax return.
You may have received messages from HMRC reminding you as a self-employed taxpayer to ensure coronavirus payments are included.
So…what do you need to declare?
Times flies, and it’s been just over a year since the final tranche of payments under the self-employment income support scheme (SEISS) closed for application. As a result, it’s easy to overlook them when completing your tax return!
You must declare the payments received in the tax year, as was the case for the 2020/21 returns.
Which payments should you include?
The grants paid during 2021/22 were the fourth and fifth grants. The SEISS rules for these grants took account of profit figures from 2019/20, whereas the first three tranches didn’t. That means that those who were new to self-employment (including partnerships) in 2019/20 may have received the fourth tranche as their first payment under the SEISS. If that applies to you, you won’t have reported SEISS payments on your return previously, so make sure you read the guidance carefully!
If you are looking for Fulham accountants or a tax advisor in London, get in touch! We are currently running a promotion until 1st December 2022.
£225 + VAT for a basic Self-Assessment Tax Return (usually £299 + VAT)
Offer is valid until 01.12.2022.
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The Team at London Accountants