How do I record the £10,000 grant issued from the local council in accordance with Government instructions for small Business's to do with Covid 19.
Also is it taxable as I cannot find any information on the HMRC site.
Hello Maureen,
To record the local council grant create a new income account called 'Grant
Income' and then record a Money Received transaction with the From Account
set to Grant Income. Unfortunately I'm not familiar with the tax rules for
this form on income - please check with HMRC.
