Don’t forget to declare coronavirus grants on tax returns
With less than 100 days to go until the deadline for the 2021/22 tax return, HMRC is reminding self-employed taxpayers to ensure coronavirus payments are included. What do you need to declare?
It’s 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. Under the rules, you need to declare the payments received in the tax year, as was the case for the 2020/21 returns. So, 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
Related Topics
-
Time off for fertility treatment?
A survey by Fertility Matters at Work has revealed that more than one-third of employees undergoing fertility treatment have resigned or are considering resigning because of the physical and emotional toll. Is there a right to time off for fertility treatment?
-
Was a company buyback of EIS shares tax avoidance?
Two taxpayers used the “purchase of own shares” procedure to extract gains they’d made from enterprise investment scheme (EIS) shares. HMRC said this was unfair tax avoidance, the taxpayers disagreed. What did the Upper Tribunal decide?
-
HMRC’s new compliance check service
HMRC has published a collection of videos and notes to help if you’re picked for a compliance check. Is HMRC’s new service worth a look or is it just official propaganda?