Tax - News

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VAT - 07.07.2020

VAT payment holiday is over

Normal service resumed. The VAT payment deferral period ended on 30 June 2020. This means you must pay any VAT due after that date on time or HMRC may apply surcharges. For example, if your VAT quarter ended on 31 May, and you pay your VAT by direct debit, you should have paid HMRC by 7 July. Remember that any VAT payments that have been deferred between 20 March and 30 June should be paid in full by 31 March 2021. If you are unable to pay your VAT on time, contact HMRC and ask for a time to pay arrangement. ...
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EXPENSES - 07.07.2020

More news on homeworking expenses

Home equipment. We recently told you about a new tax and NI exemption which applies where employers reimburse an employee the cost of equipment, e.g. a computer, so that they can work at home if they need to because of coronavirus ( yr.20, iss.17, pg.1 , see The next step ). HMRC has now published further guidance which adds an interesting spin to the exemption. ...
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CORONAVIRUS - HMRC ENQUIRIES - 07.07.2020

SEISS checks - are you ready?

You claimed a Self-Employment Income Support Scheme (SEISS) grant. While it wasn’t too tricky to qualify, that’s not the end of the story as HMRC will be checking claims further down the line. What records do you need to back up your claim?
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TAX PAYMENTS - 22.06.2020

HMRC to collect some tax debts sooner

Although HMRC is taking steps to help those who can’t afford to pay their bills, it’s changed its system to collect some tax sooner. What’s the full story?
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CORONAVIRUS - TAX CREDITS - 08.06.2020

Reduced working hours and tax credits

No change. HMRC has continued to pay tax credits during the coronavirus lockdown. The government has confirmed its policy is that entitlement to Working Tax Credit (the rate of which depends on how many hours you work) won’t be affected. Working requirements. HMRC says if you’re still employed, or self-employed or a partner in a business which is continuing, the amount of tax credits you’ll get won’t be affected even if you’ve been furloughed or are working less. It will base its calculations on your normal working hours. This applies for employees until the Coronavirus Job Retention Scheme ends (currently 31 October 2020), and for the self-employed or business partners until the Self-employed Income Support Scheme closes (the exact date is to be decided). Until then you only need to tell HMRC if you lose your job or your business ceases (see The next step ). ...
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CORONAVIRUS - PAYROLL - 08.06.2020

New guidance on salary deductions

There’s new guidance about deductions from pay for employees furloughed under the Coronavirus Job Retention Scheme (CJRS). What’s the full story?
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Tax - News

Most read Tips & Advice

CORONAVIRUS - PAYROLL - 08.06.2020

New guidance on salary deductions

There’s new guidance about deductions from pay for employees furloughed under the Coronavirus Job Retention Scheme (CJRS). What’s the full story?
Read more

CORONAVIRUS - HMRC ENQUIRIES - 07.07.2020

SEISS checks - are you ready?

You claimed a Self-Employment Income Support Scheme (SEISS) grant. While it wasn’t too tricky to qualify, that’s not the end of the story as HMRC will be checking claims further down the line. What records do you need to back up your claim?
Read more

EXPENSES - 07.07.2020

More news on homeworking expenses

Home equipment. We recently told you about a new tax and NI exemption which applies where employers reimburse an employee the cost of equipment, e.g. a computer, so that they can work at home if they need to because of coronavirus ( yr.20, iss.17, pg.1 , see The next step ). HMRC has now published further guidance which adds an interesting spin to the exemption. ...
Read more

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