- First Choice Accountancy
SEISS useful Information
Common asked question: Will I pay tax on my SEISS grant money?
If you claimed and received coronavirus grants as a self-employed person make sure you know how and when HMRC will charge tax on them.
SEISS grants are taxable
Money received by self-employed individuals from the self-employment support scheme (SEISS) are included when calculating income tax and national insurance for the tax year.
This means if you received SEISS grants under any version of the scheme these monies will need to be declared on either your 2020/21 self-assessment tax return due by 31 January 2022 or your 2021/22 self-assessment tax return due by 31 January 2023.
SEISS grants may need to be repaid to HMRC
If you were not eligible for any of the grants but received money you will need to tell HMRC. If you received more funds than you were entitled to these will need to be repaid. You may be charged a penalty if you do not do this.
Icaew.com. 2021. Will I pay tax on my SEISS grant money?. [online] Available at: <https://www.icaew.com/about-icaew/find-a-chartered-accountant/icaew-business-advice-service/latest-business-advice/will-i-pay-tax-on-my-seiss-grant-money> [Accessed 20 December 2021].