SEISS and other covid grants

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hairylairy
hairylairy Registered Posts: 22 New contributor 🐸
in Tax
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?

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  • Pian32
    Pian32 Registered Posts: 474 Dedicated contributor 🦉
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    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.
    AAT Level 4, MAAT
    ACCA in progress
    F4- Passed Aug 2020
    F5- Passed Dec 2020
    F6- Passed Sep 2020
    F7- Passed June 2021
    F8 - Passed Sep 2021
    F9 - Passed June 2021

    SBL -
    SBR - Passed Mar 22
    ATX - Passed Dec 21
    APM - Passed June 22
  • hairylairy
    hairylairy Registered Posts: 22 New contributor 🐸
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    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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