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Post Info TOPIC: Reporting SEISS grants on self assessments


Master Book-keeper

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Reporting SEISS grants on self assessments


In case you weren't aware, when reporting the SEISS grants on the SA returns, use date received rather than accrual basis. There is some confusion out there as to whether 2/3rds of the fourth grant should be included on the 2020/21 tax returns but that won't be the case

https://www.gov.uk/government/publications/updates-to-taxation-of-the-self-employment-income-support-scheme-grants-for-income-tax/taxation-of-the-self-employment-income-support-scheme-grant-for-income-tax



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John

Any advice given is for general guidance and professional advice should be sought applicable to your circumstances.



Senior Member

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Thanks John, useful to know. It'll be that time of year again soon :{

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Janet

They keep making the system idiot proof but then make bigger and better idiots!



Guru

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Thanks John, do not see how that could ever have been the case when the grant only becomes available at the end of April which is 3 weeks after the 2020/2021 tax returns go live meaning that lots of people (especially subbies) would have already submitted their returns.

Just as a side note, I can see a lot of people who usually are due refunds being quite upset this year when they end up paying tax because of the Seiss grants!



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Doug

These are only my opinions of how I see things and therefore should not be taken as advice



Master Book-keeper

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Thanks Janet

Hi Doug, yes I agree, it never even entered my head to treat the grants on an accrual basis but seeing comments on other forums some did. Going to be an interesting subbie season this year, that's for sure, wonder how many will be wanting them done early?



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John

Any advice given is for general guidance and professional advice should be sought applicable to your circumstances.



Guru

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Leger wrote:

Going to be an interesting subbie season this year, that's for sure, wonder how many will be wanting them done early?


I still think quite a few are unaware that the grants are taxable so will have to wait and see, I also think that a lot will be using the 4th grant to pay any tax owed.

I do agree that the Government had to help out the self-employed but in my opinion I think they have been over generous, the rules made the grants so easy to obtain even for those still working and everyone was lumped together with no difference between how much affect there had been on the business.



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Doug

These are only my opinions of how I see things and therefore should not be taken as advice



Guru

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Useful to know, thanks



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Jenny

Responses are my opinion based on the information provided. All information should be thoroughly checked before being relied on.



Member

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Leger wrote:

Thanks Janet

Hi Doug, yes I agree, it never even entered my head to treat the grants on an accrual basis but seeing comments on other forums some did. Going to be an interesting subbie season this year, that's for sure, wonder how many will be wanting them done early?


Hi is there any clarification came from hmrc how exactly seiss grants have to be reported, that is where in the SA these should be listed? Any other business income ? Just having two customers approached me to fill SA in asap and not sure what to do with their seiss grant figures.

Thanks



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Kirill



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Hi Kirill

On the Full Form there is a new box, 70.1.

On Taxcalc it doesn't show on the Short Form.

Eunice

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Eunice Cubbage



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Roadrunner wrote:
Leger wrote:


Hi is there any clarification came from hmrc how exactly seiss grants have to be reported, that is where in the SA these should be listed? Any other business income ? Just having two customers approached me to fill SA in asap and not sure what to do with their seiss grant figures.

Thanks


Tax and accounts different basis periods for SEISS. Guidance is there. Dont rush, just because clients demand it, or mistakes will happen.



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Master Book-keeper

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Bucks Bodger wrote:

Hi Kirill

On the Full Form there is a new box, 70.1.

On Taxcalc it doesn't show on the Short Form.

Eunice


On Taxfiler its in a heading called Adjustments, underneath expenses



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John

Any advice given is for general guidance and professional advice should be sought applicable to your circumstances.



Member

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Date:

Leger wrote:
Bucks Bodger wrote:

Hi Kirill

On the Full Form there is a new box, 70.1.

On Taxcalc it doesn't show on the Short Form.

Eunice


On Taxfiler its in a heading called Adjustments, underneath expenses


Thanks John for suggesting Taxfiler



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Kirill



Member

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Date:

Thanks Sage

I'll go through these again first. No rush.



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Kirill

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