SEISS and other covid grants

hairylairy
hairylairy Just JoinedRegistered Posts: 15
Can anyone clarify the situation regarding covid grants in Tax Return y/e 5 April 2021. I have a client with accounts year ending 31 July 2020, received some seiss grant and local authority grant in that period. Do I include the grants for the period in the accounts or that relate to the tax year to 5 April 2021?

Comments

  • Pian32
    Pian32 MAAT Posts: 472
    The SEISS grants are taxed in the fiscal year they are received. I'm unsure if this also applies to the company grants. I suspect however for the company grants it is the accounting year as corp tax doesn't care about the fiscal year for it's timing.
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  • hairylairy
    hairylairy Just Joined Registered Posts: 15
    No it's not a limited company, it's for a sole trader. He received covid grants from his local authority (in addition to SEISS) as had to close the shop. I'm not sure whether these grants should be for the accounts year or the fiscal year, on the 2021 Tax Return.?
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