Do not let COVID-19 payments slip off the radar

The clock is ticking down to complete Self Assessment tax returns with HM Revenue and Customs (HMRC) reminding customers not to forget to include a very important payment.

More than 2.9 million people claimed at least one Self-Employment Income Support Scheme (SEISS) payment up to 5 April 2022. These grants are taxable and should be declared on tax returns for the 2021 to 2022 tax year before the deadline on 31 January 2023.

Myrtle Lloyd, HMRC’s Director General for Customer Services, said: “We want to help customers get their tax returns right, first time. We have videos and guidance available online to support you with your Self Assessment.”

Support scheme payments

SEISS is not the only COVID-19 support scheme that should be declared on tax returns. If customers received other support payments during the 2021 to 2022 tax year, they may need to report this on their tax return if they are:

• self-employed
• in a partnership
• a business

Customers can check which COVID-19 grants or payments they need to report to HMRC on GOV.UK.

More than 66,000 taxpayers beat the clock and filed their tax return on 6 April – the first day of the new tax year. HMRC is encouraging others to complete their return as soon as they can, so they know what they owe and can budget to make the payment by the end of January. This also means that if a repayment is due, it can be claimed back sooner.

Don’t miss deadline

Completing a tax return using HMRC’s online filing service is simple and convenient. Last year, more than 95 per cent of customers filed online with many choosing to start it, save their progress and go back to it as many times as they needed before it was ready to submit. Those who submit their returns early still have until 31 January to pay.

Ms Lloyd said: “With less than 100 days to go until the online deadline, there’s still time to complete your tax return, to budget and look into the range of payment options if you need to.”

Filing early also means having plenty of time to access the number of payment options available including:

• paying via the free and secure HMRC App
• setting up an online monthly payment plan (self-serve Time to Pay)
• paying through PAYE tax code (subject to eligibility)
• payment on account

Advice available

Those who are unable to pay their tax bill in full can access the support and advice that’s available on GOV.UK. HMRC may be able to help by arranging an affordable payment plan.

All Self Assessment customers need to be aware of the risk of scams and HMRC is reminding them never to share their login details.

If you need any support, please get in touch.