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Guidance on where to include your SEISS grants on your tax return
The Self-Employment Income Support Scheme (SEISS) grants are payments made by the government to eligible unincorporated businesses which have been adversely affected by the coronavirus pandemic.
The grants are subject to income tax and self-employed National Insurance contributions (NIC) and for all individuals and most partners in partnerships, the first three SEISS grants must be included on the 2020/21 tax returns.
LITRG has published guidance on where the SEISS grants need to be included on your Self-Assessment tax returns, and areas you may need to consider when completing your tax returns, such as if you have multiple trades, claim the trading allowance, are a partner in a partnership or claim tax credits.
The guidance can be found here.
Contact: Claire Thackaberry (click here to Contact Us)
First published: 28/05/21