- Shepherd Partnership
Don’t forget to declare COVID-19 payments in your tax return
Taxpayers are being reminded by HMRC that they must declare COVID-19 payments in their tax return for the 2021 to 2022 tax year.
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 Self-Employment Income Support Scheme (SEISS) application and payment windows during the 2021 to 2022 tax year were:
● SEISS 4: 22 April 2021 to 1 June 2021
● SEISS 5: 29 July 2021 to 30 September 2021
SEISS is not the only COVID-19 support scheme that should be declared on tax returns. If taxpayers received other support payments during the 2021 to 2022 tax year, they may need to report this on their tax return if they are:
● In a partnership
● A business
See: Self Assessment: don’t forget to declare COVID-19 payments - GOV.UK (www.gov.uk)