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Taxation of Covid grant which year?

What year to allocate the council grant?

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Following Wednesday's Tax Talk with Rebecca how many of you are holding back on 31 March 2020 year end accounts submission to find out if the council grant can be allocated to 20/21?

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RLI
By lionofludesch
16th Oct 2020 16:17

Not me.

I don't have any 31 March businesses who received a grant.

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Replying to lionofludesch:
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By Di
16th Oct 2020 16:51

Nor mine but apparently under GAP basis you recognise the grant when grant of entitlement ie March when it was announced and not when received!

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By Paul Crowley
16th Oct 2020 19:12

MY guess only but
Lion probably understands but does not have any clients with buildings

The subject has been raised here on prior threads
Regular readers should already be aware of the issue

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Replying to Paul Crowley:
RLI
By lionofludesch
16th Oct 2020 19:24

Paul Crowley wrote:

MY guess only but
Lion probably understands but does not have any clients with buildings

The subject has been raised here on prior threads
Regular readers should already be aware of the issue

Almost right.

The year into which my clients' grants fall is not in doubt.

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ALISK
By atleastisoundknowledgable...
16th Oct 2020 16:49

I’ll probably just be going with the year of receipt.

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By NYB
16th Oct 2020 18:19

My accountant husband with 300 clients many of whom have had grants just cant believe it. I dont think he believed me when I told him. I made him listen to it.

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Replying to NYB:
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By Paul Crowley
16th Oct 2020 19:16

Grants have always been under these rules. Nothing new.
BUT usually entitlement does not start until applied and accepted. Difference on this was that there were no conditions to be met.

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