Self-employment: The 2019/2020 tax year ended on April 5, 2020 (Image: GETTY)
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Is the SEISS grant classed as taxable?
The Self-Employment Income Support Scheme grants do not need to be repaid if someone is eligible to claim them.
However the grants are taxable, and are therefore subject to deductions such as income tax and self-employed National Insurance.
The SEISS grants must therefore be declared on 2020/2021 Self Assessment tax returns.
Self-employment: People who miss the deadline to submit their tax return to HMRC may incur a penalty (Image: GETTY)
Self-employment: The tax return deadline is January 31, 2021 (Image: GETTY)
Grace Taylor MAAT, Accounts Senior at The Accountancy Partnership, explained to Express.co.uk: “The Self Employed Income Support Scheme is taxable, meaning it is subject to income tax and National Insurance.
Taxi drivers who have received DWP benefits during pandemic can now get £1,500 grant
Taxi and private hire drivers must meet the remaining eligibility criteria.
The U-turn comes after a loophole was highlighted by union bosses (Image: Lennox Herald)
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Covid: Self-employed mothers deserve equal help
By Ellie Price
media captionCheryl Liversuch and others say the SEISS discriminates against women who took maternity leave
Tens of thousands of self-employed women who have had a baby in the last few years have been discriminated against when receiving government Covid financial support, campaigners say.
The Self-Employed Income Support Scheme (SEISS) was introduced alongside the furlough scheme - for salaried employees - in March last year.
But payments are worked out based on average profits made between 2016 and 2019, meaning an estimated 75,000 women who took maternity leave during that period will lose out on a proportion of the money.
have been trading but are temporarily unable to do so due to coronavirus
You must also declare that:
you intend to continue to trade
you reasonably believe there will be a significant reduction in your trading profits
SEISS grant: Self Employment Income Support Scheme explained (Image: EXPRESS)
SEISS grant: Claimants be self-employed individuals or members of partnerships (Image: GETTY)
What is a significant reduction?
To be eligible for SEISS claimants must decide whether the impact on their business is enough to be classed as a significant reduction.
The Government website states: “HMRC cannot make this decision for you because your individual and wider business circumstances will need to be considered when deciding whether the reduction is significant.