Self-Employment Income Support Scheme (SEISS) Update, including Last Day to Apply for 5th grant 30/09/2021
Posted 22/09/2021
If you are eligible for the latest SEISS grant you have until 30 September to apply.
Reporting SEISS grants on tax returns
SEISS grants are taxable and subject to National Insurance contributions, you should report any SEISS grants received on or before 5 April 2021 on the 2020-21 Self-Assessment tax return (filing deadline of 31 January 2022).
For most people, this means you need to report the first, second and third grants on the 2020-21 Self-Assessment if they were paid on or before 5 April 2021. The fourth and fifth grants should not be included in 2020-21 returns, as these were paid after 5 April 2021, and should instead go on the 2021-22 return (filing deadline of 31 January 2023).
What not to include when calculating turnover for the fifth grant
Anything reported as ‘any other income’ on tax returns should not be included when calculating turnover for the fifth SEISS grant. This includes things such as Universal Credit, maternity allowances, retirement income and foreign income.
You should also not include any previous coronavirus (COVID-19) support payments in the turnover, even though the payments may be taxable when calculating profit. COVID-19 support payments include:
· previous SEISS grants
· Eat Out to Help Out payments
· local authority or devolved administration grants
If you require further details regarding the scheme, please see the Government Guidance at https://www.gov.uk/guidance/claim-a-grant-through-the-coronavirus-covid-19-self-employment-income-support-scheme
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