Hi to all! I’m wondering - has anybody given any thought as to how they might report all of this State Aid that our clients have received this year in next year’s Tax Return? I’m thinking that if it is entered in the existing Self-Employment schedule (e.g. as Any Other Business Income) there’s great potential for distortion and mis-understanding. In particular I am worried that Profits might well be up due to the receipt of State Aid which might “volunteer” a client for SEISS review.
Would an acceptable alternative be to have another Self-Employment schedule using the description of State Aid for the business and with a start date of 06/04/2020 and a cessation date of 05/04/2021?
Or does anybody have any other suggestions?