HMRC have stated that any SEISS received will be taxed in 2020/21.
However, if my client has a 30 April 2021 year end, then the SEISS will fall in that accounting year which will form the basis of assessment for 2021/22.
So does anyone know if SEISS will be treated as an addition to his turnover for the year to 30 April 2021 assessable 2021/22 or will the SEISS be added to his 2020/21 taxable income (ie his profits to 30 April 2020)? It is relevant now for claiming a reduction in the 2020/21 payments on account.
Thank you for any thoughts and apologies if I have missed an earlier explanation of this.