Hello, I got a grant for my art, do I need to claim it as a taxible income?
Grant from Ian Potter Cultural Trust.
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Hello @Josiealexandra,
The easiest way to work out if the grant is taxable is to contact the organisation that provided the payment as there are many different ways a grant can be classified for tax purposes. The general rule is when a grant was received with no expectation of any supply in return, then it would also be classed as a payment for no supply, so it would not be included in your turnover calculation. However if the grant was received with expectation of a supply in return (such as the concerts), then it must be included in your turnover calculation. You can see the different types of income on our website.
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Hello @Josiealexandra,
The easiest way to work out if the grant is taxable is to contact the organisation that provided the payment as there are many different ways a grant can be classified for tax purposes. The general rule is when a grant was received with no expectation of any supply in return, then it would also be classed as a payment for no supply, so it would not be included in your turnover calculation. However if the grant was received with expectation of a supply in return (such as the concerts), then it must be included in your turnover calculation. You can see the different types of income on our website.
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