The Self Employment Income Support Scheme, SEISS, is an ongoing grant scheme to support Self Employed taxpayers during the Coronavirus pandemic.
The first three grants go onto your 2020-21 Self Assessment, Grants four and five onto the 2021-22 Self Assessment.
It is important that they are shown separately on the Self Employment pages – see Accounting for SEISS grants.
HMRC has now issued guidance on how they will deal with errors on Self Assessments, most notably if the SEISS grants were reported in the wrong section of the return.
In summary, HMRC will amend the return to include the SEISS grant but this may result in double taxation so if, for example, the grant has erroneously been included in turnover the taxpayer will need to make a further correction to remove the amount from turnover.
HMRC Guidance – Check if you need to change your Self Assessment return for SEISS
Advice to our clients – please make sure you provide us with details of SEISS grants separately when submitting tax information to us,
Advice to non clients – please be aware both of HMRC Guidance on Accounting for SEISS grants and this guidance around corrections.