It is easy to forget about grants that you have received in the past and the fact that they must be included in your next personal tax return.
Time has passed since the Self-Employment Income Support Scheme (SEISS) launched in May 2020 which offered three grants. If you received any of these SEISS grants between 6 April 2020 and 5 April 2021, don’t forget these are taxable! Therefore, there are some things you must be aware of when filing your next personal tax return to ensure you don’t incur interest on the underpaid tax!
Please see our latest guide for help on what actions you must take for your upcoming personal tax return.
For more information, please see our latest guide. Our guide gives handy guidance on:
- Registering for Self-Assessment
- Self-Assessment filing deadlines
- Reporting the SEISS grants
- SEISS records you need
- Other records
- Expert advice
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