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Where Taxpayers and Advisers Meet

Business grant payment query

tempusfugit
Posts:7
Joined:Sun Nov 04, 2012 7:27 pm
Business grant payment query

Postby tempusfugit » Sun Apr 12, 2020 11:47 pm

Hello everyone.
I just have a query about the business grant payment of £10000 which some self employed people are entitled to.
If one is successful, how is this payment accounted for? Is it taxable income? (If it is deposited in a business account I presume that it is used for allowable expenses but is this amount added on to total turnover?).
I’m just a little confused how to account for it on my 20-21 tax return..
Thanks in advance

wamstax
Posts:2019
Joined:Wed Aug 06, 2008 3:39 pm
Location:Operate Nationally but based in Aberdeen
Contact:

Re: Business grant payment query

Postby wamstax » Mon Apr 13, 2020 12:41 am

Given that it is a grant paid to meet business expenses - unless there was any special legislation - it would be taxable either in the form of adding to turnover or alternatively as covering expenditure
regards and hope this helps
http://www.wamstaxltd.com
Operates Nationally with competitive costs
and email and phone contact (mob 07751720507) can be obtained from websites

wamstax
Posts:2019
Joined:Wed Aug 06, 2008 3:39 pm
Location:Operate Nationally but based in Aberdeen
Contact:

Re: Business grant payment query

Postby wamstax » Mon Apr 13, 2020 12:41 am

Given that it is a grant paid to meet business expenses - unless there was any special legislation - it would be taxable either in the form of adding to turnover or alternatively as covering expenditure
regards and hope this helps
http://www.wamstaxltd.com
Operates Nationally with competitive costs
and email and phone contact (mob 07751720507) can be obtained from websites


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