PAYE Real Time Information (RTI) penalties – continuation of the risk-based approach to charging penalties Following HMRC’s review of the effectiveness of the risk-based approach to late filing PAYE and late payment penalties, we can confirm this approach will continue for the 2021 to 2022 tax year. This means that late filing and late payment
Coronavirus Job Retention Scheme The deadline for Coronavirus Job Retention Scheme (CJRS) claims for periods in June 2021 is Wednesday 14 July 2021. If you submit claims for clients, you can help them to understand how to use furlough flexibly and their employer obligations. You can claim before, during or after your client’s payroll is
Source: aat By Annie Makoff Coronavirus 14 Jun 2021 The Government’s fifth Self-Employment Income Support (SEISS) grant will be open for applicants from late July to cover the period between May and September 2021. As with previous SEISS grants, claims will be limited to self-employed people or members of a partnership. They also need to have
At Tax Return Online Services Ltd we understand that tax is a little word with big implications. That’s why we work hard to give you the best possible advice and strategies to make tax altogether less taxing. A tax investigation could cost you money even if you’ve done nothing wrong. HMRC are using sophisticated software
28 May 2021 Businesses need to take essential steps before – and after – the VAT deferral new payment scheme closes There’s just one month to go before the closure of HMRC’s VAT deferral new payment scheme. That means businesses that deferred VAT payments last year have until just 21 June 2021 to join in
From July employers will have to pay 10% of staff wages to anyone on furlough as the government reduces its level of support for the Coronavirus Job Retention Scheme.
Source – Accounting Web HMRC will pay 0.5% annual interest on delayed VAT claims from April 2022. Most advisers are aware that if HMRC delays repaying a VAT return claim by more than 30 days (plus additional days to give it a reasonable length of time to make enquiries) it will pay a repayment supplement
source – AAT HMRC has introduced a new points-based, late-submission penalty system – how well will it work? HMRC is introducing a new points-based penalty system for late submissions, effective from April 2022 for VAT customers. For those submitting Income Tax Self-Assessment (ITSA) and whose businesses and property income is over £10,000 per annum, the
From 1 July 2021, the level of grant will be reduced and you will be asked to contribute towards the cost of your furloughed employees’ wages. To be eligible for the grant you must continue to pay your furloughed employees 80% of their wages, up to a cap of £2,500 per month for the time
HMRC wanted to inform you about a number of updates they have introduced to the VAT Notice 700/22 available at https://www.gov.uk/government/publications/vat-notice-70022-making-tax-digital-for-vat/vat-notice-70022-making-tax-digital-for-vat
Report and pay Capital Gains Tax source HMRC How and when you report Capital Gains Tax over your annual allowance depends on what you made the gain on. There are different ways to report and pay Capital Gains Tax due on: UK residential property sold since 6 April 2020 any other gains To report any
22 Apr 2021 Capital gains tax (CGT) on property is charged at different rates and for residential property, it is now a requirement to report and pay any taxable gains within 30 days of the completion of a sale, warns accountancy firm Alexander & Co CGT is potentially payable on any gain made from the
All applications must be submitted by the individual self-employed worker and cannot be handled by accountants or tax advisers. It is expected that up to 600,000 self-employed individuals will be able to apply for the support scheme. This is now the fourth tranche of grants for the self-employed and claims must be submitted by 1
Source Accounting Web Liz Whiteley summarises the key conditions surrounding the latest phase of the self-employed income support scheme. Almost five months after the last round of the Self-Employment Income Support Scheme (SEISS), HMRC is now sending emails, letters or messages within its online service advising those whose tax returns show they may be entitled to
Child Benefit can help build entitlement to the State Pension as it provides National Insurance Credits to whoever makes the claim. If parents are unable to register their child’s birth because of COVID-19, they can still get Child Benefit, and this can be backdated for three months. First time parents will need to fill in
The VAT deferral new payment scheme is open for all businesses that: deferred VAT due between 20 March 2020 and 30 June 2020 still have payments to make were unable to pay in full by 31 March 2021 This includes those on Payment on Account and Annual Accounting schemes. Your clients can apply now to spread these
The off-payroll working rules changed on 6 April. If your clients are not prepared, you can still find support to help get them prepared. You’ll need to help your clients to comply with the rules if they: run a medium or large-sized non-public sector organisation that engages contractors who work through their own limited company or
You can claim before, during or after you process your payroll as long as your claim is submitted by the relevant claim deadline. You cannot submit your claim more than 14 days before your claim period end date. When making your claim, you: do not have to wait until the end date of the claim
We’ve rounded up all the latest updates as we continue to maintain services for our customers and protect the welfare of our employees in response to coronavirus (COVID-19). Become a better director There’s still time to register for our bite-sized webinars. Join us as we collaborate with the Intellectual Property Office and the Business Support
Source – Accountancy Daily Millions of workers in all parts of the UK will receive a pay increase = as minimum pay rates rise, with the age threshold reduced to 23 year olds Around two million of the UK’s lowest-paid workers will benefit from an increase in National Living Wage and National Minimum Wage. The
If your client deferred VAT payments due between 20 March and 30 June 2020 and still has payments to make, they can now join the online VAT deferral new payment scheme. The new scheme lets your client pay their deferred VAT in equal instalments, interest free. Your client can spread their payments across 2 to
As April 2021 approaches, employers are reminded of some of the statutory changes that are upcoming, along with some crucial details that should be kept in mind — especially when it comes to the minimum wage, contracting, and the furlough scheme. National wage rates The Chancellor, Rishi Sunak, announced on 25 November 2020 that the
Individuals who started their business in 2019/20 need to provide additional evidence to HMRC in order to claim the self-employed income support (SEISS) grant, but complying won’t be easy for all. HMRC is writing to up to 100,000 self-employed traders asking them to confirm their identity and prove they have been trading before they can
A new loan scheme to support access to finance for UK business as they grow and recover from the disruption of the Covid-19 pandemic was announced at the Budget Editor, Accountancy Daily, published by Croner-i The Recovery Loan Scheme ensures businesses of any size can continue to access loans and other kinds of finance up to
A new loan scheme to support access to finance for UK business as they grow and recover from the disruption of the Covid-19 pandemic was announced at the Budget Editor, Accountancy Daily, published by Croner-i The Recovery Loan Scheme ensures businesses of any size can continue to access loans and other kinds of finance up to