HMRC is reminding taxpayers that they must declare COVID-19 payments in their tax returns for the 2021 to 2022 tax year.
Self Assessment Tax Returns:
More than 2.9 million people claimed at least one Self-Employment Income Support Scheme (SEISS) payment up to 5 April 2022. These grants are taxable and should be declared on tax returns for the 2021 to 2022 tax year before the deadline on 31 January 2023.
The SEISS application and payment windows during the 2021 to 2022 tax year were:
- SEISS Four: 22 April 2021 to 1 June 2021
- SEISS Five: 29 July 2021 to 30 September 2021
SEISS is not the only COVID-19 support scheme that should be declared on tax returns. If you received other support payments during the 2021 to 2022 tax year, you may need to report this on your tax return if you are:
- Self-employed
- In a partnership
- A business
Further information: Reporting coronavirus (COVID-19) grants and support payments – GOV.UK (www.gov.uk)
Company Tax Returns:
If you received a Coronavirus Job Retention Scheme (CJRS) grant or an Eat Out to Help Out payment, you will need to do both of the following:
- Include it as income when calculating your taxable profits in line with the relevant accounting standards.
- Report it separately on your Company Tax Return using the Coronavirus Job Retention Scheme and Eat Out to Help Out boxes.
You should record all other taxable COVID-19 payments as income when you calculate your taxable profits.
Further information: Corporation Tax forms – GOV.UK (www.gov.uk)
