Covid Grant for Business Rates

[bobbybobson]

Hello,

I got a Covid Grant for Business Rates (£10,000 grant). HMRC states -

"The government have confirmed that these grants will be taxable as income. The business can then claim tax relief on the expenditure supported by the grant"

I'm a contractor working through my own limited company. So I assume I declare this as a grant on both the company tax return and self assessment?

Also, "tax relief on the expenditure supported by the grant" basically means I carry on as normal and can claim expenses against this £10,000 grant?

[pawncob]

That's pretty much what it means.