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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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