How do I record a payment into the bank from HMRC, for Self-Employment Income Support Scheme (COVID-19)?

Hi there, momentumvabookkeeping.

You can create a bank deposit to record the payment into your bank. Here's how:

1. Click the + New button and select Bank Deposit.
2. Select the bank in the Account field.
3. Select HMRC in the Received from field. 
4. Enter all other details including the date of the deposit, amount, account, and reference number.
5. Click Save and new.

More details about the Self-Employment Income Support Scheme are discussed here: https://quickbooks.intuit.com/uk/small-business-support/.

I'd also recommend reaching out to your accountant for further advice on how you can handle this grant in QBO. As always, visit us again if you have other questions. 

As this is a taxable grant, are you able to advise which account I should be adding the value to?

Uncategorised Income?

are you sure that this should be classed as income? it makes it look like I've earned loads of money during one month of Covid lockdown, whilst in reality I've made very little. I am also VAT registered, and it would also increase my turnover, which I want to keep under the £85k limit....

I thought I read that you just need to declare it on your Self Assessment Tax return at the end of the year - I assume they'll have a special box!

thanks.

Hello Community Users! We just wanted to add some a more detailed answer as to why it would be income. The above advice was given based on the HMRC guidance for how to deal with the grant. If you are using the the self employed product you will have to categorise the the grant as business income as it is subject to Income Tax and self employed National Insurance, see the 'How the grant works' section of the enclose link.

https://www.gov.uk/guidance/claim-a-grant-through-the-coronavirus-covid-19-self-employment-income-su...

We must make you aware that we are not accountants and to always consult with an accountant or HMRC if you are unsure.