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HM Revenue and Customs (HMRC) is urging tax agents and accountants to remind their clients that COVID-19 support grants or payments are taxable and should be declared on their company tax returns.
The deadline for customers or agents filing company tax returns (CT600) is 12 months after the end of the accounting period it covers. The deadline to pay Corporation Tax will depend on any taxable profits and when the end of the accounting period occurs.
If companies received taxable COVID-19 support grants or payments they should make sure it is recorded as income when calculating taxable profits.
Taxable grants include:
Guidance on how to complete a company tax return can be found on GOV.UK
If a company received a Coronavirus Job Retention Scheme (CJRS) grant or an Eat Out to Help Out payment, they will need to do both of the following on their CT600 tax return:
Information on which support payments need to be reported to HMRC and any that do not is available on GOV.UK
The deadline for Self Assessment customers to complete their 2020/21 tax return and pay any tax owed is 31 January 2022.
Last week, HMRC announced it would waive penalties for one month for late filing of tax returns and late payments. The changes mean: