Hi, I’m using QuickFile for my self-employed account. Would you help me with how to tag the HMRC grants I received because of the pandemic that started last year? Trying to tag the received grants( so as to pay my taxes for it) the only option that is appropriate is “something else”. From the drop-down menu I can’t find which description is the most correct. If you have a new option added for these HMRC grants, would you advise me what to choose from the given options? Any help will be much appreciated! Thanks
You can add a new nominal code in the income section…something like 4905 and call it HMRC SEISS Grants . …Adding a new nominal account
Then you would choose “something else” and select the new code you added.
Hmrc grants are tagged as misc income. Pick something else not on this list and find misc income.
Its taxable income so that’s where it goes.
Miscellaneous income would be fine, but it also helps to have a separate nominal code specifically for these type of grants, as they are (hopefully) one-off amounts and can then be easily ignored when comparing year-on-year.
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