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untied Provides COVID-19 Tax Guidance to Personal Taxpayers

untied Provides COVID-19 Tax Guidance to Personal Taxpayers | FinTech Finance

untied, the UK’s personal tax app, today announced that it has created a dedicated COVID-19 section for users, which helps make sure any support received is properly included in users’ tax returns.

The section, which is accessible via untied’s mobile app and the untied service in-browser, includes guidance and a wizard on what to do if users:

  • Worked from home during 2020/21
  • Received a SEISS (Self-Employment Income Support Scheme) grant or a local authority COVID grant
  • Were furloughed by their employer during this period
  • Received COVID loans or other support
  • Still owe HMRC money from last year

The basic principles are available on untied’s website at https://untied.io/coronavirus-support, and for those people who are untied users, it includes guidance on how they can use the app to make their claims easily.

Kevin Sefton, CEO, untied, commented: “It’s been a challenging 12 months and it’s no wonder that people don’t fully understand what to do when it comes to declaring income they’ve received in the form of government support.  As a general rule, most grants are taxable and need to be declared while loans are off the tax return.  Importantly, we hope that our new service will also allow people to take advantage of the deductions they can receive because they’ve worked from home at points during the last year – for the majority of employees it’s worth £60 but could be significantly more – over £140 for top-rate taxpayers.

We’ve had many questions from individuals about how they should treat this in their tax returns.  Therefore, we thought we’d make it easy for our users and provide them with a single, dedicated section with provides them with all the information they need at their fingertips.”

untied is the UK’s personal tax app. It’s built for people, not accountants, and is designed especially to help sole traders to get on top of their taxes. untied is the only end-to-end app that enables users to link their bank accounts, makes tax sense of their transactions, and file directly to HMRC. In February 2021, untied became the first end-to-end app recognised by HMRC for Making Tax Digital for Income Tax and enabled one of its users to make the first-ever open banking-enabled tax payment to HMRC. untied launched untied lite in 2020, the first tax product designed specifically for gig/platform workers. untied’s partners include Revolut, Deliveroo, Stuart, and Deloitte. untied is regulated by the FCA, supervised by the Chartered Institute of Taxation, and recognised by HMRC.

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