Another tax deadline is rapidly approaching, and Self-Assessment taxpayers are being reminded that they must declare COVID-19 payments in their tax return for the 2021/22 tax year.
The impact of the pandemic may be receding, but more than 2.9 million people claimed at least one Self-Employment Income Support Scheme (SEISS) payment up to 5 April 2022.
HM Revenue & Customs (HMRC) has reminded people that the grants are taxable and should be declared on Self-Assessment tax returns for the 2021/22 tax year before the deadline on 31 January 2023.
As this is an unusual, pandemic-inspired situation, taxpayers are being urged to make sure they send the correct information and seek help if it is needed.
Myrtle Lloyd, HMRC’s Director General for Customer Services, said: “We want to help customers get their tax returns right, first time. We have videos and guidance available online to support you with your Self-Assessment. Search ‘help with Self-Assessment’ on GOV.UK to find out more.”
The Self-Employment Income Support Scheme (SEISS) application and payment windows during the 2021/22 tax year were:
Other support schemes were in operation during the pandemic and may also need to be declared on tax returns.
If people received other taxable support payments during the 2021/22 tax year, they may need to report this on their Self-Assessment tax return if they are:
Taxpayers can check which COVID-19 grants or payments they need to report to HMRC on GOV.UK.
Need help with Self-Assessment and related tax matters? Contact us.
