SEISS - How do I report it in my accounts

cjamie

I did get the SEISS payment, but unsure how to report in my accounts, do I put it down as Income, or will the HMRC automatically work it out when I do my Self Assesment ? Thank you

sliphi

cjamie said:

I did get the SEISS payment, but unsure how to report in my accounts, do I put it down as Income, or will the HMRC automatically work it out when I do my Self Assesment ? Thank you

It should be recorded as income on the day you receive it.
https://www.gov.uk/guidance/claim-a-grant-through-the-self-employment-income-support-scheme#return-to-your-claim

Pennywise

Yep, it's income, taxable and NIable through your business accounts.  No, HMRC won't automatically adjust for it.

cjamie

Thank you sliphi and pennywise, that is what I thought, i was finding it hard to get confirmation.