The Self-Isolation Grant
If you self-isolated due to Covid-19 you might be entitled to a lump payment of £500. For those living in Wales (self-employed and employed) the scheme to apply for through is the Self-Isolation Support Scheme.
Payments are taxable but exempt from Class 2 and 4 NI contributions. Payments received also need to be accounted for as income within your self-assessment tax return if applicable. You need to include this information within the other benefits section (interest-free and low interest loans).
For the self-employed, if you’ve already submitted a tax return without the required adjustments for tax year 2020-2021 without the required adjustments (as in this guidance) you need to correct this. Either write to HMRC (Self-Assessment, HMRC, BX9 1AS) or if you submit online, complete the update via the ‘adjustment to profits chargeable to class 4 NI contributions box.’
For help with your tax return talk to our team, we are here to help! Let’s Talk.