SEISS claimants need to know two key points about the self employed January tax deadline | Personal Finance | Finance


“This means that you will need to include it in your 2020/2021 tax return.

“The amount of tax and National Insurance you have to pay on your income depends on how much you earn.

“This is because of the way that different income thresholds and tax allowances affect the way your bill is calculated.”

Kevin Winterburn, director at Sheards Accountancy, told “SEISS will have no impact on any tax returns being submitted this month.

“The first SEISS payments were made in Summer 2020 which relates to the 2020/2021 tax year and the returns to be filed this month are for 2019/20.

“SEISS are subject to income tax and self-employment National Insurance contributions in the 2021/2021 tax year.

“HMRC will provide specific boxes on the 2020/2021 Self Assessment tax return for anyone who is reporting SEISS grants.”

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