self employ tax return - showing the grant (also pension query)

Mick70

hi,
as an example if turnover was £11k , profit (exluding grant) was say £8k  , but also received a grant of £2k ,  do you show the £2k grant on separate part of tax return or lump it in with your normal income , making that £14k and profit £10k ?  

also, im assuming you can pay up to £10k into your pension sipp (£8k profit and £2k grant,  as the grant is taxable) ?

cheers
mick

Dazed_and_C0nfused

There are specific boxes on the return for the SEISS grant.

Not sure where you get £14k from but the grant does ultimately form part of your self employed profit and is pensionable earnings for the purposes of pension contributions.

If profit is £10k you can "pay" £8,000 info a relief at source pension and the pension company will add £2,000 basic rate tax relief making a gross contribution of £10,000.

Too late to contribute for 2020:21 now though.

Mick70

Dazed_and_C0nfused said:

There are specific boxes on the return for the SEISS grant.

Not sure where you get £14k from but the grant does ultimately form part of your self employed profit and is pensionable earnings for the purposes of pension contributions.

If profit is £10k you can "pay" £8,000 info a relief at source pension and the pension company will add £2,000 basic rate tax relief making a gross contribution of £10,000.

Too late to contribute for 2020:21 now though.

no im not sure where i got 14k from : , it should have read £13k

[Deleted User]

Mick70 said:

Dazed_and_C0nfused said:

There are specific boxes on the return for the SEISS grant.

Not sure where you get £14k from but the grant does ultimately form part of your self employed profit and is pensionable earnings for the purposes of pension contributions.

If profit is £10k you can "pay" £8,000 info a relief at source pension and the pension company will add £2,000 basic rate tax relief making a gross contribution of £10,000.

Too late to contribute for 2020:21 now though.

no im not sure where i got 14k from : , it should have read £13k

In the self-employed section, towards the end, there is a section ‘Calculating your business profits’.

Within that there is a specific box - Self Employed Income Support Scheme Grant.

That’s it!