HMRC is urging tax agents and accountants to remind their clients that various covid support grants and payments are taxable and should be declared on their company tax returns.
Taxable covid support grants and payments, for example including test and trace or self-isolation payments, statutory sick pay rebate and business support grants need to be recorded as income when calculating taxable profits. Coronavirus job retention scheme grants and payments under the eat out to help out scheme will also need to be reported separately on the company tax return in the relevant boxes.
HMRC publishes separate guidance setting out which grants and support payments are taxable and need to be reported on tax returns.
HMRC is urging tax agents and accountants to remind their clients that various covid support grants and payments are taxable and should be declared on their company tax returns.
Taxable covid support grants and payments, for example including test and trace or self-isolation payments, statutory sick pay rebate and business support grants need to be recorded as income when calculating taxable profits. Coronavirus job retention scheme grants and payments under the eat out to help out scheme will also need to be reported separately on the company tax return in the relevant boxes.
HMRC publishes separate guidance setting out which grants and support payments are taxable and need to be reported on tax returns.
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