As HMRC confirms delays in processing self assessment returns with incorrectly reported SEISS grants, the Tax Faculty has published guidance for all ICAEW members on the tax issues arising from the UK’s coronavirus support schemes.
The government’s COVID-19 financial support schemes, namely the Coronavirus Job Retention Scheme (CJRS) and Self-employment Income Support Scheme (SEISS) give rise to a number of tax issues, separate from the rules that apply to the schemes themselves.
The guide, which is freely available to all ICAEW members, starts by outlining the tax treatment of grants. For example, CJRS grants are subject to income or corporation tax and follows accounting treatment required by GAAP, meanwhile SEISS grants are subject to income tax and class 4 national insurance contributions, generally in the year in which they are received.
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SEISS grant round five as support extended for self-employed workers
And there are changes to be aware of
Updated
SEISS grant round five includes changes (Image: Joe Giddens/PA Wire)
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The Self-Employment Income Support Scheme (SEISS) has been a lifeline to some businesses during the pandemic.
Mark Drakeford has stabbed us in the back : Businesses say Welsh subsidies are less than England s or Scotland s
Gyms, pubs, restaurants, close contact services say they are getting less support than they would in England or Scotland
Updated
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