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Self-employment: The 2019/2020 tax year ended on April 5, 2020 (Image: GETTY)
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Is the SEISS grant classed as taxable?
The Self-Employment Income Support Scheme grants do not need to be repaid if someone is eligible to claim them.
However the grants are taxable, and are therefore subject to deductions such as income tax and self-employed National Insurance.
The SEISS grants must therefore be declared on 2020/2021 Self Assessment tax returns.
Self-employment: People who miss the deadline to submit their tax return to HMRC may incur a penalty (Image: GETTY)
Self-employment: The tax return deadline is January 31, 2021 (Image: GETTY)
Grace Taylor MAAT, Accounts Senior at The Accountancy Partnership, explained to Express.co.uk: “The Self Employed Income Support Scheme is taxable, meaning it is subject to income tax and National Insurance. ....

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