Skip to main content

This is a new service – your feedback will help us to improve it.

Posted Thu, 24 Nov 2022 10:01:50 GMT by Jas Singh
Hi. I am a sole trader in the post office sector with a simple income calculation. I am registered for VAT on the flat rate 5% basis. I have received additional income payments and I am unsure if these are taxable or are they exempt from S.A. declaration because online research suggests these may be exempt as i have had post office losses in the Horizon scandal and the others are named Grants. Please can you clarify/correct my understanding? 13.7.2020 Interim Payment Stage 1 Compensation 25.8.2022 Interim Payment Stage 2 Compensation 8.4.2020 Business Rates Relief Grant-Covid 19 Local Authority discretionary grant 8.9.2020 Business Support Grant - Covid 19 Local Authority discretionary grant Many thanks for this discussion forum opportunity as i have taken the step to declare my own self assessment and need assurance to correctly self declare my S.A.
Posted Fri, 25 Nov 2022 14:46:10 GMT by HMRC Admin 20
Hi Jas,

The guidance at BIM40451 - Specific receipts: grants and subsidies: introduction advises on government, local authority and EU grants.
If your grants are taxable, your losses may be able to be set against them.

Thank you.

You must be signed in to post in this forum.