1 December 2021
Some time has passed since the self-employed income support scheme (SEISS) launched in May 2020, following the onset of the COVID-19 pandemic.
If you met the eligibility criteria, many self-employed individuals or business partners could have claimed up to £21,570 in total from the three grants.
What’s that got to do with your next personal tax return?
Quite a lot as any of the three emergency support grants you received via the SEISS scheme between 6 April 2020 and 5 April 2021 are taxable.
It is almost time to report all of your taxable income from the 2020/21 tax year before the next self-assessment deadline for online tax returns due on or before midnight on 31 January 2022.
For many self-employed individuals, a large chunk of their taxable income for 2020/21 will have come from the SEISS grants because so many businesses were forced to close due to lockdown restrictions, or simply struggled to trade.
Having records of your income and expenses relating to the previous tax year is vital when it comes to filing your tax return, and that includes any records of the three SEISS grants you claimed and received.
If you need any help with your next Tax Return or if you have any questions about reporting your SEISS grants. please contact us and we can put you in touch with a tax specialist to assist.