Don’t forget to declare your COVID-19 payments
Self-Assessment taxpayers have been reminded by HMRC that they must include COVID-19 payments in their tax return for the 2021-2022 tax year.
As of the 5th April 2022, more than 2.9 million individuals had applied for and received at least one payment under the Self-Employment Income Support Scheme (SEISS). It is required that you declare these grants as income on your 2021–2022 tax return by the 31st January 2023 deadline.
The time periods for submitting applications and receiving payments under the SEISS for the 2021-2022 tax year were as follows:
- SEISS Grant 4 = 22nd April 2021 to 1st June 2021
- SEISS Grant 5 = 29th July 2021 – 30 September 2021
Other relevant payments
COVID-19 support schemes other than SEISS must also be reported on tax returns. Other support payments received during the 2021-2022 tax year may require you to include them on your tax return if you fall into one of the following categories:
- In a partnership
- A business
The Coronavirus Job Retention Scheme (CJRS) and Eat Out To Help Out Scheme – for company tax returns
You must complete both of the following if you have been issued a grant from the Coronavirus Job Retention Scheme (CJRS) or an Eat Out to Help Out payment:
- Include it as income when calculating your taxable profits in accordance 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.
Any additional taxable payments received under COVID-19 should be included in your taxable income.
Get in touch
In case you have any questions or concerns about your own tax return, please don’t hesitate to get in touch with us.