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Business records to include Self-Employment Income Support Grants
[/vc_column_text][vc_column_text]If you obtained the Self-Employment Income Support grant due to the Covid-19 crisis earlier this year (from May 2020), then you need to be aware that the grant is subject to income tax and national insurance contributions. Therefore, this should be included in your business records when submitting them to your accountant to prepare accounts or when you file your self-assessment tax return online.
Self-Employment Income Support extension up to 19 October
This scheme was extended after the initial three-month period. This enabled those eligible at that stage, with businesses still affected on or after 14 July 2020, to make claims for a second grant on or before 19 October 2020.
This means you may well have received two support grants already which will need to be detailed to your accountant or within your self-assessment, should the payment of these grants fall within your accounting year. For instance, if your year end is 31 December 2020, both payments are likely to have already been paid and therefore must be included and assessed for 2020/21.
Self-Employment Income Support further extended from 1 November
In light of the more recent announcement on 24 September that those currently eligible for the Self-Employment Income Support Scheme, but have reduced demand for services, can benefit from a further extension starting from 1 November 2020. This must also be included in your tax year business records.
This latest Self-Employment Income Support Scheme grant extension covers two further grants covering six months from November 2020 to April 2021. HMRC advises that the first grant from this latest extension will cover a three-month period from the start of November until the end of January 2021.
Personal tax returns
We are Chartered Accountants in Oxted, Surrey. Our team of accountants are on hand to help you navigate your personal tax returns including self-employment tax, employment tax, capital gains tax and inheritance tax accounting services.[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][/vc_column][/vc_row][vc_row][vc_column][/vc_column][/vc_row][vc_row][vc_column][/vc_column][/vc_row]