With everything that’s happened so far this year, it might be easy to forget your obligations to file a tax return for 2019/20 by midnight on 31 January 2021.
The coronavirus pandemic and subsequent economic crisis has caused chaos with businesses up and down the country, most of which closed entirely during April 2020.
The Government has introduced several unprecedented measures to help them with the crisis, including deferring some key dates and deadlines involving self-assessment.
One of the biggest temporary measures, certainly for sole traders and partnerships, was the self-employed income support scheme (SEISS), which offered grants based on trading profits.
The use of the term ‘grants’ suggests they might be tax-free money from the Government, but they definitely are taxable at your marginal rate if you were lucky enough to be covered by the scheme, and should be reported on your self-assessment tax return.
As we head towards the autumn, here’s a reminder of the raft of key dates and deadlines approaching.
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Posted by Lambert Chapman
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The views expressed in this article are the personal views of the Author and other professionals may express different views. They may not be the views of Lambert Chapman LLP. The material in the article cannot and should not be considered as exhaustive. Professional advice should be sought in connection with any of the issues contained in the article and the implementation of any actions.