Tax - News

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CORONAVIRUS - 21.10.2020

More grants for the self-employed

HMRC has published guidance on two new coronavirus- related grants for the self-employed that it will be administering. Who will be entitled to claim and when?
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CORONAVIRUS - 21.10.2020

Test and Trace support payments - tax and NI

Lump sum payment. If on or after 28 September 2020 you’re asked to self-isolate, you’re entitled to a lump sum payment of £500 if: you were notified by NHS Test and Trace you are employed or self-employed (this includes being a member of a partnership) you can’t work from home and will lose income as a result; and you’re receiving Universal Credit, Working Tax Credit, income-based Employment and Support Allowance, income-based Jobseeker’s Allowance, Income Support, Housing Benefit and/or Pension Credit. Tip. The Test and Trace support payments are managed by local authorities. If you think you qualify, check your local authority’s website for details on how to make a claim. ...
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VAT - 21.10.2020

Tax-free shopping to end

No more refunds. At the end of September the government announced the end of the VAT Retail Export Scheme (VAT RES) with effect from 1 January 2021. This means that overseas visitors will no longer be entitled to a VAT refund on items they buy in England, Scotland or Wales which they take home in their luggage. The decision was made after a public consultation which addressed several key questions regarding VAT RES (see The next step ). However, the change doesn’t mean the end of VAT-free sales. ...
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COMPANY VANS - 24.09.2020

When is a van a car?

The Court of Appeal has issued a ruling which means that some crewcab vans are to be treated as cars for benefit-in-kind purposes. What was the key finding and what should you warn clients of?
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P11D - 24.09.2020

Coronavirus pressures hits HMRC system

Realocation. The deadline for filing the annual Form P11D is 6 July each year. However, due to HMRC staff being reallocated to prioritise helping businesses with coronavirus support for much of mid-2020, a huge backlog has built up in other areas and departments. ...
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CARS - 24.09.2020

New advisory rates from 1 September 2020

Back to work. With so many employees working from home during the lockdown, it is easy to overlook things like mileage allowance rates. However, with the country slowly getting back to offices and other places of work, it’s a good time to take stock of such things. The advisory rates for company-owned vehicles change on a quarterly basis. ...
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NATIONAL INSURANCE - 08.09.2020

New NI break for employers

NI holiday. Following up on an election promise the government has proposed that from 6 April 2021 employers who take on former members of the armed forces will not have to pay employers’ NI contributions on their wages for twelve months. For example, this would save an employer around £2,250 based on an annual salary of £25,000. The exemption will be limited to the NI upper earnings threshold, currently £50,000 per year. Normal NI rates would apply to pay in excess of that. ...
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STUDENT LOANS - 08.09.2020

New student loan plans

Another student loan plan. Employers will soon have to deal with yet another student loan repayment scheme. In April 2021 Scotland will raise its student earnings threshold to £25,000 for new and existing borrowers and the repayment period will reduce to 30 years from 35. The changes mean that for 2021/22 and later years there will be a Scottish Student Loan Plan type (Type 4) which will apply to employees who have a student loan from Scotland. Employers will be notified where an employee’s plan type moves from Type 1 to Type 4, using the current SL1/PGL1 notification process, in time for April 2021. Payroll software should take care of the calculation, but as an employer you need to be aware. ...
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CORONAVIRUS - 22.09.2020

Is trouble lurking in your SEISS claim?

HMRC has recently highlighted problems with Self-Employment Income Support Scheme (SEISS) claims. Even though it worked out the payments, it’s up to you to spot any problems. What steps should you be taking to check your claim?
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