Update to Coronavirus Job Retention Scheme
On 29 May, the Chancellor announced further details regarding the extension of the Coronavirus Job Retention Scheme (CJRS). The intention is now for the scheme to end on 31 October 2020, with changes being introduced from 1 July 2020 to allow more flexibility and from 1 August 2020 to gradually increase the level of employer […]
July income tax deferral option
As we approach July, it’s a good time to consider the Income Tax deferral option which was announced as part of the government’s Coronavirus support measures. The deferral option allows the second payment on account for the 2019/20 tax year, which is normally due for payment on 31 July 2020, to be deferred until 31 […]
Getting Ready for the Self-employment Income Support Scheme
The government grant scheme for the self employed is set to launch on the 13th May and to qualify for the taxable grant calculated at 80% of your profits for a 3 month period you will need to check if you qualify on the HMRC eligibility checker gov.uk/hmrc/self-employment-income-support-scheme The qualifying criteria are as follows:- You […]
Coronavirus (COVID-19) Business Interruption Loan Scheme Guidance
Further to our Government Support guide the British Business Bank have now issued their guidance as to eligibility criteria for businesses wishing to access the Coronavirus Business Interruption Loan Scheme (CBILS) as follows: The British Business Bank qualifying criteria for the loan scheme mean businesses must: • Be UK based, with turnover of no more […]
Changes to off-payroll working rules (IR35)
There are some important changes to employment taxes coming into effect from 6 April 2020. Are you affected? You are affected by the changes to the off-payroll working rules (IR35) if: You are a contractor who works through an intermediary, e.g. your own limited company, often known as a personal service company (PSC), and You […]
Our tax change predictions for 2020
Usually, by this time of year we’d have a fairly clear picture of the tax changes set to take effect in April. But 2019 has been unusual in many ways, and as the Budget originally planned in November was cancelled to make way for the general election, there’s been no major fiscal announcement this year. […]
No company car tax from April on pure electric vehicles
HMRC rules from 6 April 2020 mean that company car drivers choosing a pure electric vehicle will pay no benefit-in-kind (BIK) tax in 2020/21. In its long-awaited response to the review of WLTP and vehicle taxes, HMRC has removed the previously published BIK rates for 2020/21. Standing in their place it has created two new […]
‘Tis the season for trivial benefits
With the season of goodwill upon us our tax team look at a little known and little utilised tax saving, known as trivial benefits. Trivial benefits is a mechanism whereby employees and/or directors can be given trivial benefits such as vouchers or maybe even office pizzas. The benefits are limited to £50 per person in […]
HMRC issues tax return scam warning
Taxpayers who have yet to submit their 2018/19 tax return through self-assessment are being warned about fraudulent scams. HMRC has warned millions of taxpayers to be on their guard ahead of the deadline at midnight on 31 January 2020. Over the last year, the Revenue received almost 900,000 reports from members of the public about […]
HMRC set to launch enhanced employment status checker
HMRC has confirmed an improved version of its check employment status for tax (CEST) tool should launch before the end of the year. The tool was first introduced in 2017 as part of an extension to the off-payroll (IR35) rules that applied to the public sector. It aimed to help public-sector contractors and organisations decide […]
