How to include your SEISS claims on your tax return
Did you make SEISS claims during the pandemic? Many of us did and whilst it must be noted that some people who missed out or fell through the net, these payments kept the majority of the self employed afloat during a terrible time work wise. Of course, these payments were never going to be for free and the money needs to be paid back into the pot somehow. What do you do if you received any? Let's have a look at how to include your SEISS claims on your tax return.
Subject To Income Tax and National Insurance Contributions
Any SEISS claims that you received have to be declared and have income tax and national insurance contributions to pay. Anything claimed on or before the 5th April 2021, should be included on your 2020-21 Self Assessment tax return. For most people this will be the first, second and third SEISS claims.
If you claimed the fourth and fifth payments, these will have been on or after 6th April 2021. These must be included on your 2021-22 Self Assessment tax return.
If you have already submitted your 2020-21 Self Assessment tax return, make sure you have done it properly or you might end up paying more or less than you should.
You will need to submit your 2020-21 online return by 31st January 2022. The date has passed for submitting it on paper.
For your 2021-22 return, the dates are 31st October 2022 for paper returns and 31st January 2023 for online.
Where To Declare?
If you fill in your online Self Assessment tax return yourself, keep an eye out for the box on the self employment page. This is where you should declare your payments. Don't include them anywhere else on the tax return. You might think that the 'any other income' box is where you should put this information, but it isn't. Don't include it as part of your annual turnover either. If you so, you might end up being taxed twice. If someone else does your form for you, perhaps an accountant or bookkeeper, be sure they know the exact amount you received so they can declare it properly.
How Much Did I Receive?
If you cannot go back in your banking and see how much your SEISS claims were, you can go to and sign into GOV.UK where all the details of your SEISS claims can be found.
The Impact Of SEISS On Your Finances
Whilst SEISS claims may have helped you out during the pandemic, there is an impact of receiving them. It could be you are entitled to less Universal Credit or have to pay back more of your student loan. This is all because it is viewed as taxable income.
Still Struggling?
The SEISS claims have now finished. That doesn't mean that Government support has ended. If you are still struggling to keep your business float or pay your bills, there is help out there for you. Search online for coronavirus financial supportor check the Government website for what you are entitled to or can get help with.