Furlough extended until March 2021
The Coronavirus Job Retention Scheme (CJRS) is being extended until 31st March 2021. This is what we know so far before the full guidance is published on 10th November: The scheme rules are predominantly the same with a few revisions. Employees will receive 80% of their usual salary for any unworked hours for claims running […]
COVID-19: Chancellor announces ‘Winter Measures’ support package
Rishi Sunak has today announced his ‘Winter Measures’ support package to help businesses, employees and individuals through the ongoing troubles of the global COVID-19 pandemic. The Chancellor announced a package of measures that includes a new Jobs Support Scheme, extending the Self Employment Income Support Scheme and 15% VAT cut for the hospitality and tourism […]
Chancellor Announces Plans to Boost the Economy in the Wake of Covid-19
The Chancellor, Rishi Sunak, has announced a wide-ranging package of measures to try to boost the shrinking economy and save jobs in his Summer Statement on 8 July. Specific measures announced include: Job Retention Bonus There was no extension to the furlough scheme which is winding down over the next few months and ending on […]
How your Covid-19 claims could affect your R&D tax credits
We are expecting HMRC to challenge future claims for Research and Development tax credits on the basis of claims made under the various Covid-19 support schemes. This is because subsidies and grants will affect eligibility for R&D tax credit claims. RDP has reviewed the main COVID-19 government assistance programmes and commented on this below. The […]
Capital Gains Tax: Reporting and payment periods shortened
Important changes to the deadlines for filing and paying CGT on the disposal of UK property Few property transactions are proceeding at the moment but anyone selling UK residential property needs to be aware that CGT due should now be reported and paid within 30 days of completion. The new obligation applies to UK residential […]
VAT Domestic Reverse Charge for Construction Services delayed to March 2021
The VAT domestic reverse charge for construction services has been delayed again until 1st March 2021, further slowing down the roll out of this scheme. In a surprise move, HM Revenue and Customs announced the latest delay on 5 June 2020, one week after stating there would be no delay to the original date of […]
Extension to Self Employment Income Support Scheme (SEISS)
Rishi Sunak has announced that the Self-Employment Income Support Scheme will be extended, with those eligible able to claim a second and final grant capped at £6,570 Those eligible under the Self-Employment Income Support Scheme (SEISS), which has so far seen 2.3 million claims worth £6.8 billion will be able to claim a second and […]
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 […]
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 […]
