A Scottish contractor, who lodged in Swindon to be available for work in the south of England, had his travel and accommodation expenses disallowed as not wholly and exclusively incurred for his business. 23rd Nov 2020 Taylor claimed the expenses between his home in Melrose, Scotland and a hotel in Swindon in his 2016/17 tax return.
Source – HMRC As part of the Winter Economy Plan, the Government announced that businesses who deferred VAT due from 20 March to 30 June 2020 will now have the option to pay in smaller payments over a longer period. Instead of paying the full amount by the end of March 2021, businesses can make
Source HMRC From April 2023, unincorporated businesses and landlords who submit ITSA returns and have annual gross income from business or property sources of £10,000 or more will need to follow the rules for MTD. The process and timelines will remain very similar, but there are some differences that you need to be aware so
Rules for providing services are changing Thank you for everything you are doing to prepare for the end of the transition period on 31 December. If you would like further information on getting fully prepared, you can find out what actions you may need to take by using the checker tool at gov.uk/transition and signing
The Self-Employment Income Support Scheme grant extension provides critical support to the self-employed in the form of 2 further grants, each available for 3 month periods covering November 2020 to January 2021 and February 2021 to April 2021. 1. Who can claim To be eligible for the grant extension self-employed individuals, including members of
Kate Upcraft explains what employers and tax agents need to know about the new version of the coronavirus job retention scheme (CJRS.3) which will apply from November 2020 to March 2021. 6th Nov 2020 Source – accountancy web Chancellor Rishi Sunak meets business leaders to discuss further financial support at a restaurant in central London.
The Coronavirus Job Retention Scheme has been extended for a month with employees receiving 80% of their current salary for hours not worked and further economic support announced. Published 31 October 2020 From: HM Treasury and The Rt Hon Rishi Sunak MP People and businesses across the UK are being provided with additional financial support as part
The self-employed income support scheme (SEISS) will be open for two further grants, the first of which will be set at 80% of average profits. This article has been amended with new information released on 5 November 2020. Source: Accounting Webb 3rd Nov 2020 There have been two rounds of grant support for the self-employed
The government is increasing its support to the self-employed over the coming months and ensuring people get paid faster than previously planned, it was announced today, 2 November. Published 2 November 2020 From: HM Treasury government increases support under the third instalment of the UK-wide Self-Employment Income Support Scheme, with people receiving 80% of average
The coronavirus job support scheme (CJRS) will continue until 1 December 2020 with grants covering 80% of wages, while implementation of the JSS has been delayed. Source – Accounting Web Halloween was truly a nightmare for many accountants as the government’s announcement of England’s new month-long lockdown came just as the nation was settling down to enjoy
Time is running out The way you hire from the EU is changing The transition period is ending on 31 December and there will be no extension. The current rules for hiring workers from the EU will change. Time is running out and I urge you to act now to prepare for our new relationship
We are aware of a recent spate of fake HMRC calls. You must not make a payment if you have been cold called by HMRC to pay a tax bill, even if they threaten court or police action. HMRC will never demand money in this way.
The law will change for VAT on imported goods from 1 January 2021, but to help businesses postponed accounting will be introduced on the same date. Source – Accounting Web How it works Postponed accounting will be introduced on 1 January 2021. This will mean that a VAT registered business will not pay VAT on
Does your client have employees working from home because of COVID-19? If they’ve asked their staff to work at home because of COVID-19 then they may have additional household expenses. If your client hasn’t reimbursed them, the employees can claim tax relief on £6 per week or £26 per month for these extra costs. The
Deferred July 2020 Self-Assessment Payment on Account HMRC has identified that some Self-Assessment customers, who chose to defer payment of their July 2020 Payment on Account due to COVID-19, may receive a Self-Assessment statement, showing that payment is due, and interest is accruing. HMRC can confirm that we will not impose any late payment interest
The Job Retention Bonus allows employers to claim a one-off payment of £1,000 for every eligible employee they have furloughed and claimed for through the Coronavirus Job Retention Scheme (CJRS) and kept continuously employed until at least 31 January 2021. Employers do not have to pay this money to their employee. To be eligible, employees
HMRC finally released guidance on the operation of the twin job support schemes that both start on 1 November 2020. Source – Accounting Web There are now two job support schemes (JSS). The original one designed for businesses that are legally required to close is now called JSS Closed, and the other one introduced by the Chancellor on 22 October for
Source – AAT VAT could be a bigger minefield than customs after we leave the Single Market. With hopes of a deal receding, businesses now have only months to make major changes to their VAT accounting systems. From 1 January 2020 business that import goods from Europe will have to contend with many country-specific quirks.
So, how do I take money out of the company? You might feel like the money in the company bank account is yours. It isn’t. It belongs to the company until you do something to turn it into your own income. I have a standard spiel that I run through with new limited company owners
Know your position What some people tend to forget is the deadline for filing your tax return is also the same deadline for payment. Filing your tax return earlier will mean that you are aware of the amount of any balancing payment and any payment on account due on January 31st, 2021. Therefore, you can
When does furlough end and Job Support Scheme start? The new HMRC payment explained, and who can claim
The current furlough scheme ends on 31 October and will be replaced by the new Job Support Scheme The Job Retention Scheme – or furlough – introduced by the Government is set to end on 31 October. In its place will be the Job Support Scheme, which will take effect from 1 November. How does the Job Support Scheme
With the government set to introduce localised Covid-19 lockdowns of varying severity, the job support scheme (JSS) is to be expanded to support businesses required to close their doors as a result of coronavirus restrictions Reporter, Accountancy Daily, published by Croner-i Ltd Later today, prime minister Boris Johnson is expected to announce a three-tier alert
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 the coronavirus (COVID-19) outbreak. We’ve resumed the strike off process From 10 September 2020, we’ve resumed the voluntary strike off process. From 10 October 2020, we’ve resumed the compulsory
There will be guaranteed changes from 1 January for businesses as we start our new relationship with the EU, and there are many actions you can take today to prepare. Find out what you need to do by visiting gov.uk/transition and using the checker tool. I know these are challenging times, however it is vital
The UK has left the EU and the transition period will end on 31 December 2020. If you are a UK business or organisation in the financial services & accounting sector that receives personal data from the EU or EEA, you may need to take extra steps to ensure that the data can continue to