COVID-19 pandemic support payments – HMRC reminders

COVID-19 pandemic support payments
COVID-19 pandemic support payments

In light of the influx of government support measures introduced in response to the COVID-19 pandemic, HMRC is in the process of issuing notices to self assessment taxpayers, reminding them to ensure that they have the correct information in order to complete their tax return.

This year, in addition to the regular self assessment disclosures, taxpayers will also have to declare if they received any grants or payments from the various COVID-19 support schemes, as these payments are taxable.

These include payments from the following support schemes:

  • Self-Employment Income Support Scheme
  • Coronavirus Job Retention Scheme
  • Other taxable COVID-19 grants and support payments such as self-isolation payments, local authority grants and those for the Eat Out to Help Out scheme

If you require assistance with your tax affairs, particularly given the additional reporting requirements that may be applicable to your affairs, please do not hesitate to contact us.

Personal Tax, Corporate Tax

About the author

Simon is the Tax Director at Ward Williams and has more than 20 years of practical experience working in the tax profession.

 

Specialising in personal tax, Simon qualified as a Tax Technician in 2007, having been awarded with the Ivison medal for attaining the highest mark in the Personal Taxation paper in 2006.

 

As department head, Simon oversees the tax team across the Ward Williams group, whilst managing a diverse portfolio of clients including high net worth individuals, doctors, directors of owner managed businesses, partnerships and sole traders.

enquiries@wardwilliams.co.uk

01895 236335