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Article ID: 3122
Last updated: 14 Dec, 2020
During 2020, and probably continuing throughout 2021, the government are providing grants to assist businesses that have been affected by the Coronavirus pandemic. How are COVID grants taxed? The legislation confirms that all COVID-19 support scheme payments are taxable under either Income Tax or Corporation Tax as appropriate and should be included in the accounts. Specifically:
Do I need to report COVID grants on a tax return? Individuals will be required to enter grants received in their 2020/21 SA103 self employment return. HMRC has provided specific boxes for disclosing the amounts. Companies should continue to report the amounts within their accounts and for CT600's filed after April. HMRC has provided additional boxes for disclosure of overpayments of the Coronavirus Job Retention Scheme (CJRS) and the Job Retention Bonus.
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