Covid-19 has changed many aspects of life, including your taxes. In light of these changes, HMRC is reminding you of the Covid tax return deadline. Payers must declare Covid-19 payments in their tax returns for the 2021 to 2022 tax year.
More than 2.9 million people claimed at least one Self-Employment Income Support Scheme (SEISS) payment up to 5 April 2022. These grants are taxable and should be declared on tax returns for the 2021 to 2022 tax year before the deadline on 31 January 2023.
What is the Self-Employment Income Support Scheme?
The SEISS application and payment windows during the 2021 to 2022 tax year were:
- SEISS 4: 22 April 2021 to 1 June 2021
- SEISS 5: 29 July 2021 to 30 September 2021
SEISS is not the only Covid-19 support scheme that should be declared on tax returns. If taxpayers received other support payments during the 2021 to 2022 tax year, they may need to report this on their tax return if they are:
- Self-employed
- In a partnership
- A business
How do I claim Covid tax relief on self-assessment?
All you have to do is head over to the HMRC tax relief microservice page and follow the instructions there. Make sure to have your Government Gateway ID to hand. If you don’t have one yet, you can set it up on-site.
Top Tip: Make sure you are on the right website and on a secure link (https). If you are ever worried about filling in forms online get in contact with a member of our helpful team.
<h2>Can I claim tax relief for working from home during Covid?</h2>
Did you know that over half a million people claimed Covid tax relief when working from home? Here at Kirkwood Wilson, we will always find ways to save you money and working from the Covid tax relief when working from home could be one of them.
The tax relief is applied at the same rate as you pay income tax. That’s a 20% Basic Rate, 40% Higher Rate and 45% Additional Rate. HM Revenue and Customs ( HMRC ) is accepting tax relief claims for working from home due to the coronavirus from 2021 to 2022, so don’t forget to apply online or let us know when working on your accounts.
Coronavirus Job Retention Scheme and Eat Out to Help Out
If you received a Coronavirus Job Retention Scheme (CJRS) grant or an Eat Out to Help Out payment, you will need to do both of the following:
● Include it as income when calculating your taxable profits in line with the relevant accounting standards.
● Report it separately on your Company Tax Return using the Coronavirus Job Retention Scheme and Eat Out to Help Out boxes.
You should record all other taxable COVID-19 payments as income when you calculate your taxable profits.
Confused about what this may mean for you? Get in touch with Kirkwood Wilson for support and advice during this time, take a look at our packages to see how our team can make a difference to your accounts. and help with Covid19 declarations.
