HMRC has updated guidance on how to register for the online service to pay VAT payments deferred between 20th March and 30th June 2020 due to the covid-19 pandemic. Last year saw the Government provide VAT registered businesses with cash flow help during the first lockdown by offering to defer their VAT liability arising between […]
Legislation will be introduced to extend the 100% first year (capital) allowances (FYAs) for low CO2 emission cars, zero-emission goods vehicles and equipment for gas refuelling stations by 4 years from April 2021. On the back of the Prime Minister, Transport Secretary and Business Secretary announcing the end of the sale of new purely petrol […]
HM Revenue & Customs (HMRC) has recently confirmed that the annual parties exemption in ITEPA 2003 s 264 can apply equally to virtual parties, such that the cost of providing food, entertainment, equipment and other expenses which may be incurred in hosting a virtual event, will be exempt, subject to the normal conditions of the […]
The Job Support Scheme(JSS) which was due to start on 1 November will now be delayed as the Prime Minister has announced a one-month extension to the CJRS to ensure furloughed employees continue to receive 80% of their wages. The extended CJRS puts the level of support back up to August, when the government was […]
The existing furlough scheme (CJRS) will end in a matter of days, and will be replaced on 1st November by the Job Support Scheme (JSS) which will run until 30 April 2021. This will work differently depending on whether a business is open or closed. A business that is open but experiencing reduced demand due […]
Chancellor Rishi Sunak has announced further measures to support businesses covering three main areas: The new Job Support Scheme means that for six months from 1 November the Government will top up the wages of those workers on reduced hours. Employees must work at least 33% of their regular hours, for the remaining hours not […]
The Covid-19 outbreak has had a huge impact on the economy, and in many cases has caused business owners to fall into a loss position. As a result, HMRC have now acknowledged that, in exceptional circumstances, claims for repayments of corporation tax for prior periods based on anticipated losses before the current accounting period has […]
Just to remind you that from 1 September the CJRS will pay 70% of usual wages up to a cap of £2,187.50 per month for the hours furloughed employees do not work. Employers will still need to pay furloughed employees 80% of their usual wages for the hours they do not work, up to a […]
The second and final round of grants under the self-employed income support scheme (SEISS) open this month, offering a smaller lump sum grant. From 17 August 2020, self-employed individuals who meet the scheme requirements will be able to access HMRC’s online service and claim up to £6,570 to cover three months’ of profits. The lump […]
The Treasury has announced that it plans to expand the Making Tax Digital (MTD) reporting regime to all VAT-registered businesses from April 2022. At present, it only applies to those with a taxable turnover of £85,000 and above. From 2023, it will also extend to cover income tax reporting for all unincorporated businesses and landlords […]
