Please note the software I use for your returns – Tax Calc is already compliant in MTD and I will be able to file your new quarterly returns based on the information you give me, I am hoping there will not be too much change in the way we have been working, but HMRC do
There are less than six months to go until the UK leaves the EU single market and customs union on 31 December. Having already left the European Union in January (which effectively sealed Brexit), the country has been in a transition period ever since, with the UK continuing tariff-free trade with its continental neighbours. However, that’s all
As part of the Government’s response to COVID-19, businesses were given the option to defer their VAT payments between 20 March and 30 June. In June HMRC wrote to businesses to remind them the deferral scheme was ending (on 30 June) and VAT returns with a payment due date after 30 June must now be
On 21 July the Government published a 5 to 10-year vision for tax administration. This included a future roadmap for Making Tax Digital. The roadmap provides certainty so that businesses and agents can plan ahead. It allows for lead-times and piloting and does not require action in the near future. Making
From 10 September 2020, we’ll restart the process for companies that have applied for voluntary strike off. Published 10 July 2020 From: Companies House In March 2020, we introduced temporary easement measures to suspend voluntary strike off action in response to coronavirus (COVID-19) and we’ve reviewed these measures each month. Following our July review, this
To qualify for the second SEISS grant the business must be adversely affected by the coronavirus pandemic on or after 14 July 2020. Rebecca Cave from accounting web explores what this will mean in practice. The Chancellor’s announcement on 29 May told us the SEISS would be extended with a second tranche of money available from August.
The VAT payment holiday window ends on 30 June, and normal service resumes from 1 July. What should you do if your clients can’t pay the VAT due by 7 July, for their May VAT return because of the impact of Covid-19 on their trading situation? The good news is that a sympathetic ear and
For claims starting on or after 1 August, employers will no longer be able to claim a grant for the statutory minimum automatic enrolment employer contributions – from this date, they will need to pay for their own pension contributions and National Insurance contributions for all staff. Through the Coronavirus Job Retention Scheme, they will
This guidance page was updated on 12 June to include details on how the scheme will change from 1 July. The first time you will be able to make claims for days in July will be 1 July, you cannot claim for periods in July before this point. 31 July is the last day that
As part of the government’s support for businesses during COVID-19, HMRC gave businesses the option of deferring their VAT payments if they were unable to pay on time, without incurring late payment interest or penalties. Payment of VAT falling due between 20 March and 30 June 2020 can be deferred until 31 March 2021. You
Last week the government announced the approach to border controls on GB-EU trade in 2021 and it formally notified the EU that it will not accept or seek an extension to the Transition Period. In recognition of the unprecedented impact that coronavirus has had on all aspects of life, border controls are being introduced in
If you make Self Assessment payments on account and are due to make a payment in July 2020, then you have the option to defer payment until January 2021. If you are in financial difficulty as a result of COVID-19 and you chose to defer, then you simply don’t pay the amount due in July.
Coronavirus Statutory Sick Pay Rebate Scheme to launch The Government’s new Coronavirus Statutory Sick Pay Rebate Scheme was launched online on 26 May 2020. The Scheme will enable small and medium-sized employers with fewer than 250 employees to apply to HMRC to recover the costs of paying Coronavirus-related Statutory Sick Pay. Tax agents will also
Coronavirus (COVID-19) – late filing and payment penalties HMRC is supporting taxpayers during the Coronavirus (COVID-19) pandemic by providing the option to defer Value Added Tax payments between the period 30 March to 30 June 2020 and the July 2020 income tax self-assessment payment on account. Further details on this scheme and the specific conditions
Detailed guidance to help employers prepare for changes to the Coronavirus Job Retention Scheme (CJRS) from 1 July is now live on GOV.UK. What employers need to do now Read the guidance to see how changes to the scheme impact you, using the calculator to understand how much you’ll be able to claim Book a
Jul 2020 Furlough Scheme in July No changes. The Government pays 80% of wages up to the cap of £2,500.00. The Government pays Ers NI and Ers Pension contributions. Cost to Employer approx 0% Aug 2020 Furlough Scheme in August The Government pays 80% of wages up to the cap of £2,500.00. Employers must pay
We wrote last week to help you and your clients prepare for changes to the Coronavirus Job Retention Scheme (CJRS) and the Self-Employment Income Support Scheme (SEISS), and guidance on these changes is now live on GOV.UK. Coronavirus Job Retention Scheme You can find this guidance by searching for ‘Coronavirus Job Retention Scheme’ on GOV.UK.
Reporter, Accountancy Daily, published by Croner-i The LITRG warn that, for many, a third of the grant might have to be ‘paid back’, in tax and Class 4 National Insurance (NIC). Grants made to the self-employed and partners in trading businesses under the SEISS scheme are likely to be included in claimants’ 2020-21 self-assessment tax returns.
Agreed tax postponements automatically extended until end of June 2020. HMRC has written to customers whose tax payments had already been postponed, due to them being affected by COVID-19 (Coronavirus), to say that the postponement has been extended to 30 June 2020. There is no need for customers to contact HMRC about this now. After
Radio ad campaign warns about scams As a well-known organisation with a recognisable brand, HMRC is a target for scammers. We see HMRC-branded tax scam campaigns throughout the year, peaking at different times in line with many of our key business events (for example around the Self Assessment deadline in January). HMRC has a dedicated
The government is committed to doing whatever it takes to support businesses and individuals through the COVID-19 (coronavirus) pandemic and the following updated webinars have the information, guidance and tips to help you to support your clients. Demand for these webinars has been exceptional, so we’ve added even more dates. To avoid disappointment, please save your
A number of CGT changes for residential property come into effect on 6 April 2020, in the case of a main residence halving the final period disregard from 18 months to 9 months and also greatly restricting the lettings relief available. Only landlord who still live in part of the property themselves will be able
The government is committed to doing whatever it takes to support businesses and individuals through the COVID-19 (coronavirus) pandemic and the following updated webinars have the information, guidance and tips to help you to support your clients. Demand for these webinars has been exceptional, so we’ve added even more dates. To avoid disappointment, please save your
With a revamped Coronavirus Job Retention Scheme (CJRS) lined up for 1 July, Kate Upcraft analyses the technical detail for potential troublespots. On Friday the Chancellor outlined a new flexible coronavirus job retention scheme (CJRS) to apply from 1 July, and tapered government support for employers from August onwards. It was no surprise that financial support for employers
Chancellor Rishi Sunak told MPs and journalists over the weekend that he intends to stage a “fiscal event” in early July to set the UK economy on course for a post-coronavirus recovery. Rishi Sunak – HM Treasury As reported by Sunday Times, the Chancellor is concerned about the scale of potential job losses and is