HMRC has reminded self-assessment taxpayers to declare any coronavirus (COVID-19) grant payments on their 2020/21 tax return.
According to HMRC, more than 2.7 million customers claimed at least one Self-employment Income Support Scheme (SEISS) payment up to 5 April 2021.
The tax authority says these grants are taxable and customers should declare them on their 2020/21 tax return before the deadline on 31 January 2022.
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.’
The SEISS is not the only COVID-19 support scheme that customers should declare on their tax return. Information on which support payments need to be reported to HMRC and any that do not is available on GOV.UK.
| Need help with your self-assessment? Please do not hesitate to contact us. |
