SEISS taxable payments - type of income? VAT?

Will a payment under the SEISS be classed as trading income or anything else? VAT?

Didn't find your answer?

Will taxable payment(s) under the SEISS be treated as trading income or other income? Presumably will be taxable in the 2020/21 income tax year? If trading income, then how is VAT treated for a VAT-registered trader?

Can't find any guidance on this.

Thanks.

Replies (6)

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By Wanderer
18th May 2020 14:23

Several threads on here already discussing these exact points.

Thanks (1)
Replying to Wanderer:
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By Cheshire
18th May 2020 14:25

Groan! Quite.

Thanks (1)
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By Rweaver
18th May 2020 14:31

Welcome.

How have things been under your rock?

Thanks (2)
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By tltodman
18th May 2020 14:31

Taxable in current year accounts. I'd put it as other income. Outside the scope of VAT as far as I'm concerned as it's not received in receipt of a service

Thanks (1)
Replying to tltodman:
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By mail.taxperfect.co.uk
18th May 2020 14:42

Thanks, much appreciated.

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By pauld
18th May 2020 14:44

Not so taxperfect

Thanks (3)