The Low Incomes Tax Reform Group (LITRG) is concerned that recipients of the government’s Self-Employed Income Support Scheme (SEISS) grant might not realise that it is taxable

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.

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HMRC -Payment deferral from HMRC

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

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SCAM info from HMRC

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

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HMRC – COVID-19 Online support

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

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New UK Capital gain guidance for residential Property selling

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

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HMRC – COVID-19 – more webinar dates available

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

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Coronavirus: Flexible furloughing framework

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

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Mini-Budget scheduled for early July

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

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Furlough scheme and SEISS to be tapered off

The Chancellor has announced plans to end the eight-month coronavirus job retention scheme (CJRS) and self-employed income support scheme (SEISS), with taxpayers’ contributions gradually withdrawn from August Source – Accountancy Web Admitting that the furlough scheme “cannot continue indefinitely”, the Chancellor Rishi Sunak outlined his plans on Friday evening during the Downing Street press briefing to reduce taxpayer contribution towards

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Five things you need to know: furlough and zero hours workers

Over the last few weeks our employment law helpline has received hundreds of calls about furlough and zero hours workers. Alan Price, HR expert and CEO at BrightHR, answers five of the most frequently asked questions Alan Price 1. Can I furlough zero hours workers? Yes, you can. Any employee can be furloughed as long as their

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HMRC – COVID-19 SUPPORT

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. There are a limited number of spaces, so save your place now. Coronavirus COVID-19 Statutory Sick Pay Rebate Scheme: Providing

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How to check if you have any gaps in your National Insurance Contributions

Here is a link to check if you have any gaps in your NIC record that may affect your pension or claiming benefits. https://www.gov.uk/check-national-insurance-record If you need to pay voluntary NIC please use this link; https://www.gov.uk/voluntary-national-insurance-contributions/who-can-pay-voluntary-contributions

HMRC – Covid-19 Update on CJRS and SEISS

Today (29‌‌ May) the Chancellor, Rishi Sunak, announced more details about the extension of the Coronavirus Job Retention Scheme (CJRS) and the Self-Employment Income Support Scheme, and we’ve outlined these below for you. Coronavirus Job Retention Scheme The Chancellor has announced three changes to the job retention scheme: From 1‌‌ July 2020, the scheme will

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Coronavirus: Help and advice for landlords

Landlords are not eligible for many of the schemes available for businesses to help mitigate the effects of the lockdown. Weathering the storm requires careful financial management. Limited options for landlords Landlords do not have a go-to safety net, such as the furlough scheme, to ease pressure on their income. This includes those whose primary

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HMRC – COVID-19 online support

The government is committed to doing whatever it takes to support businesses and individuals through the coronavirus pandemic and the following webinars have the information, guidance and tips to help you to support your clients. There are a limited number of spaces, so save your place now. Coronavirus COVID-19 Statutory Sick Pay Rebate Scheme: Providing an overview

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Self-employment Income Support Scheme (SEISS) explained

Source:  Croner-I Tax Webinar Join our expert, Stephen Relf, for practical advice around SEISS claims and grants, including: What is the SEISS? Understanding the eligibility conditions What are the exclusions from the SEISS How to calculate trade profits and total income How to calculate the grant How to make a claim And payment of the

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Coronavirus Job Retention Scheme (CJRS) – Update

It’s nearly a month since the Coronavirus Job Retention Scheme (CJRS) opened and many businesses will be preparing to make another claim in order to receive money by the end of May. To ensure you receive a payment by the end of May, you need to apply by Wednesday 20‌‌ May. When you make a

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The claims system for the Self-Employed Income Support Scheme (SEISS)

The claims system for the Self-Employed Income Support Scheme (SEISS) went live on the 13 May, for eligible customers to begin to make their claims and we are pleased to say the first day of claims has proceeded smoothly. We appreciate the invaluable support you provide to your clients in helping them prepare to claim

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Covid-19: furlough scheme to run till October

The Coronavirus Job Retention Scheme is to be extended by four months and employers will be able to bring back furloughed employees part-time, as part of the government’s plans to ‘re open the economy’, the Chancellor has announced Reporter, Accountancy Daily, published by Croner-i Addressing the House of Commons earlier today, Chancellor Rishi Sunak said: ‘The

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Covid-19: self employed scheme opens early

The Treasury has formally launched the self employment income support scheme (SEISS) for self employed individuals or members of partnerships whose business has been adversely affected by coronavirus, with payments expected before the end of the month Reporter, Accountancy Daily, published by Croner-i Ltd The department says the scheme is up and running weeks ahead of its

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The Chancellor has announced that the Coronavirus Job Retention Scheme (CJRS) will continue until the end of October

The Chancellor has announced that the Coronavirus Job Retention Scheme (CJRS) will continue until the end of October to give businesses more breathing space. But he also announced major changes to the scheme, which could add to its complexity for those managing payroll. Until the end of July, the Government will continue to pay furloughed

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HMRC – Support for Businesses and Individuals

The government is committed to doing whatever it takes to support businesses and individuals through the coronavirus pandemic and the following webinars have the information, guidance and tips to help you to support your clients. There are a limited number of spaces, so save your place now. Coronavirus COVID-19 Statutory Sick Pay Rebate Scheme: Providing an overview

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The UK scheme to pay wages of workers on leave because of coronavirus will be extended to October, Chancellor Rishi Sunak said.

He said the government backed workers and companies going into the lockdown, and would support them coming out. Mr Sunak confirmed that employees will continue to receive 80% of their monthly wages up to £2,500. But he said the government will ask companies to “start sharing” the cost of the scheme from August onwards. Mr

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Covid-19: bounce back loans launch for small business

The bounce back loan scheme offering small businesses easy-to access loans of up to £50,000 has officially opened on 4 May, with the cash promised within days Pat Sweet Reporter, Accountancy Daily, published by Croner-i Ltd Thousands of small firms and sole traders are eligible for 100% government-backed bounce back loans of between £2,000 and

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A guide to the Self-Employment Income Support Scheme

By   Nichola Ross Martin The government has accelerated the launch of its Self-Employment Income Support Scheme, and the first applications will be taken between May 13 and May 18, with payments following six working days later. Applications can only be made by the individual, but agents are encouraged to coach their clients on how

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