Coronavirus Business Support Schemes
Coronavirus Business Support Schemes are taxable and should form part of your total annual income declaration. The income must be included within your business accounts and submitted with your annual tax return.
How should I declare the Grant(s)?
Separate your trading income from the total Grant income received, relevant to the tax return period you are filing, and provide the following information:
- Type of Grant payment(s)
- Date of payment(s)
- Amount(s)
What if I received MERA?
Any payments receive through the MERA Support Scheme are non-taxable and do not need to be included in your accounts. It may however be useful to declare the MERA payment on your tax return to explain how your living expenses were supported during the year.
