Declaring SEISS grants on your Self Assessment tax return

The Self-Employed Income Support Scheme (SEISS) has been a lifeline to many sole traders during the coronavirus pandemic. Provided they’ve met the necessary criteria, these individuals have been supplemented with up to 80% of their average trading profits.

However, these grants are taxable – meaning that they’re subject to income tax and National Insurance contributions in the tax year in which they’re received. As a result, they need to be included in your Self Assessment tax return.

So, to make that as easy as possible for you, we’ve asked tax return guru and Technical Director of GoSimpleTax, Mike Parkes, to set the record straight on SEISS grants and how to record them for HMRC.

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https://www.moneydonut.co.uk/blog/21/05/declaring-seiss-grants-on-your-self-assessment-tax-return