DON’T FORGET TO DECLARE COVID-19 GRANTS ON YOUR TAX RETURN

HM Revenue and Customs (HMRC) is reminding Self Assessment customers to declare any COVID-19 grant payments on their 2020/21 tax return.

More than 2.7million customers claimed at least 1 Self-Employment Income Support Scheme (SEISS) payment up to 5th April 2021. These grants are taxable and customers should declare them on their 2020/21 tax return before the deadline on 31st January 2022.

The SEISS application and payment windows during the 2020/21 tax year were:

Article continues below this advertisement
  • SEISS 1: 13th May 2020 to 13th July 2020
  • SEISS 2: 17th August 2020 to 19th October 2020
  • SEISS 3: 29th November 2020 to 29th January 2021

SEISS is not the only COVID-19 support scheme that customers should declare on their tax return. If customers received other support payments during COVID-19, they may need to report this on their tax return if they are:

  • self-employed
  • in a partnership
  • a business

Information on which support payments need to be reported to HMRC and any that do not is available on GOV.UK.

It is important that customers check and make any changes to their tax return to make sure any SEISS or other COVID-19 support payments have been reported correctly in their Self Assessment.

Myrtle Lloyd, HMRC’s Director General for Customer Services, said:

“We want to help customers get their tax returns right, first time. We have videos, guidance and helpsheets available online to support you with your Self Assessment. Search ‘help with Self Assessment’ on GOV.UK to find out more.”

Article continues below this advertisement

Don’t miss another story! Get the Island’s latest news delivered straight to your inbox. Sign up to our daily newsletter here.

The views/opinions expressed in these comments are solely those of the author and do not represent those of Island Echo. House rules on commenting must be followed at all times.
 

Join our daily newsletter

News, Traffic & Travel Tweets