Read this blog post to find out more information on the self-employed income support scheme (SEISS).
For those self employed individuals who received a grant from the Government under the self-employed income support scheme (SEISS), it is important to remember that this amount is taxable.
As a grant it means it is not repayable but this does not exclude it from forming a part of your taxable earnings for 2020/21.
The second payment of the grant under SEISS is due in August 2020. It is thus important to think about budgeting for income tax and national insurance on the grant payments received. For many people, it is likely that this budget should include 20% tax and 9% national insurance.
At AJN we have ensured our self assessment tax return questionnaire for 20/21 includes a question surrounding grants and thereby ensuring clients are reminded to include this income in their 2021/21 tax returns.
