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SEISS grants
Coronavirus Updates

SEISS grants overpayments chased by HMRC

SEISS grants overpayments chased by HMRC HMRC is now contacting taxpayers who received more SEISS grants than they were entitled to. Taxpayers may repay a partial amount, or repay their grants in full, with the option to appeal within 30 days.  HMRC is examining the SEISS claims and comparing them to amended returns. Indeed including

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support for businesses omicron
Coronavirus Updates

Government announces £1bn support package for businesses affected by Omicron

Government announces £1bn support package for businesses affected by Omicron The Chancellor has announced a £1bn support package for businesses hit hard by Omicron. Businesses within the hospitality and leisure sectors in England will be able to claim one-off grants of up to £6,000. It was recently revealed that hospitality businesses have seen a steep

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making tax digital
Coronavirus Updates

Claim tax relief for working from home 

In April 2020, the government announced a temporary tax break for those working from home. The tax break allows for employers to pay their workers up to £6 a week tax-free to cover additional costs incurred for working from home. If an employer chooses not to pay their staff the £6 a week, workers can

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Coronavirus Updates

Fourth SEISS grant – HMRC to contact eligible self-employed individuals

The fourth Self-Employment Income Support Scheme (SEISS) grant is due to open for claims from late April. HMRC has confirmed it will be contacting those self-employed workers who are eligible for the fourth grant, by either email, letter or within the online service. Eligibility will be based on the individuals tax returns. There are no

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register for self-assessment
Coronavirus Updates

HMRC has already opened 10,000 inquiries into potentially fraudulent claims under the furlough scheme and Eat Out to Help Out scheme

Earlier this month, HMRC launched a new taskforce of 1,250 staff to investigate fraudulent furlough claims and Eat Out to Help Out claims. Investigators will be cross-referencing claims under the furlough scheme with other records, such as the Eat Out to Help Out scheme. As part of HMRC’s investigations, a number of businesses have been

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furlough fraud HMRC
Coronavirus Updates

HMRC will step up investigations into furlough fraud as more than 26,000 cases of suspected fraud have been reported since the scheme began last year

Last year, the government introduced the official Coronavirus Job Retention Scheme (CJRS) to offer support for those businesses who have been forced to close during the pandemic. The scheme allows for employers to claim for 80% of employee’s wages for hours not worked. Unfortunately, furlough fraud has proven to be a widespread issue over the

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making tax digital
Coronavirus Updates

Coronavirus Restart Grant available from 1st April – Check if you are eligible

Earlier this month, the government introduced the Restart Grant Scheme to support businesses in reopening, once COVID-19 restrictions are lifted. Eligible non-essential retail businesses may be entitled to a one-off grant of up to £6,000 Eligible businesses within the hospitality, leisure, accommodation, personal care and gym sectors may be entitled to a one-off grant of

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mixed funds
Coronavirus Updates

Freelancers to benefit from £1bn in tax rebates as the government announced an emergency extension to ‘loss carry back’ rules

As the government announced an emergency extension to the ‘loss carry back’ rules in the Budget earlier this month, thousands of small business owners who have lost money, due to the coronavirus pandemic, can claim more than £1bn in tax rebates. Businesses now have the option to claim back profit and income taxes paid over

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furlough fraud HMRC
Coronavirus Updates

When can you claim the fourth and fifth SEISS grants?

Chancellor Rishi Sunak confirmed, in last week’s Budget announcement, further details for the fourth Self-Employment Income Support Scheme (SEISS) grant. The grant will allow those who are self-employed, whose business and income has been effected by the coronavirus pandemic, to claim support from the government. The fourth SEISS grant will be available to claim through

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furlough fraud HMRC
Coronavirus Updates

HMRC has confirmed pre-verification checks for new SEISS claims

HMRC will be writing to 100,000 taxpayers who became newly self-employed in 2019/20. HMRC aims to protect the Self-Employment Income Support Scheme from fraud and will therefore ask these taxpayers to complete a pre-verification check. Taxpayers will be asked to confirm their identity as well as providing evidence of trade. Selected taxpayers will receive a

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register for self-assessment
HMRC

HMRC issues 11,000 people with letters questioning claims made under the Coronavirus Self-Employment Income Support Scheme 

HMRC has issued 11,000 people with letters questioning their claims for self-employment support grants. Last year, the UK’s tax authority sent 24,000 similar letters to claimants who said they had stopped trading. Letters have been sent to those who said they had stopped trading either on their 2019/20 self-assessment tax return or by amending their

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UK Government

Stamp Duty holiday set to be extended until the end of June

Ahead of the Budget announcement next week, there has been a lot of speculation surrounding what the Chancellor is set to announce. According to media sources, Rishi Sunak is planning to extend the Stamp Duty holiday until the end of June. The current deadline for the holiday extension is 31st March. The Chancellor has been

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national insurance increase
UK Government

UK government urged to extend business rates holiday and VAT holiday ahead of Budget announcement

High streets have undoubtably struggled throughout the pandemic over the past year. Since the first lockdown in March, the government has provided support for businesses to try and prevent as many closures and job losses as possible. To support businesses during these challenging times, the government introduced a business rates holiday. Business rates were temporarily

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national insurance increase
UK Government

Bounce Back Loan borrowers now have the option to delay repayments

In a recent announcement, the government has stated that it will allow greater flexibility for businesses that took out Bounce Back Loans, as a means to get through the coronavirus pandemic. Those businesses now have the option to tailor their payments according to their individual needs. The Chancellor’s Pay as You Grow repayment plan will

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national living wage increase
Coronavirus Updates

Chancellor Rishi Sunak is set to announce details for the fourth Self-Employment Income Support Scheme grant in the March Budget

Chancellor Rishi Sunak is set to announce the latest details for the fourth Self-Employment Income Support Scheme (SEISS) grant, in the upcoming Budget on 3rd March 2021. The grant will take into account self-employed worker’s earnings from February to April 2021. The government has spent £13.7billion on SEISS grants since the pandemic began in March

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national living wage increase
UK Government

Chancellor’s March Budget could see Corporation Tax increase to pay for coronavirus deficit

Chancellor Rishi Sunak is said to be considering increasing corporation tax in the March Budget. Following the devastating impact from the coronavirus pandemic, the government now has an estimated £400bn deficit to pay off. The government has spent billions trying to support businesses and prevent job losses by introducing the Furlough Scheme and Business Support Grants.

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national insurance increase
Coronavirus Updates

Calls for UK government to extend tax exemption on employee COVID-19 tests 

The UK government recently introduced an Income Tax exemption on coronavirus antigen tests for employees. The tax exemption came into effect on 8th December 2020 and is expected to end on 5th April 2021. The Association of Taxation Technicians (ATT) is calling for the tax exemption to be extended beyond 5th April 2021. The current

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national insurance increase
Coronavirus Updates

Chancellor announces further support for businesses in the retail, hospitality and leisure sectors

Following Boris Johnson’s announcement of a third national lockdown in England, the Chancellor has announced further grants totaling £4.6 billion. A one-off grant worth up to £9,000 per property, will be available for those businesses in the retail, hospitality and leisure sectors, who have been affected by the latest coronavirus restrictions. Around 600,000 properties are

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national insurance increase
Coronavirus Updates

Government announces extension to the Furlough Scheme

The UK Government has confirmed the Coronavirus Job Retention Scheme will be extended until the end of April 2021. The scheme was set to expire at the end of March 2021 but has now been extended for another month. Under the scheme, the government will continue to pay employees 80% of wages for hours not

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national insurance increase
UK Government

Chancellor announces government Spending Review 2020

Last week, Chancellor Rishi Sunak announced the government spending plans for 2021/22 in the latest Spending Review. The Spending Review sets out the departmental budgets and devolved administrations’ block grants for 2021/22. The coronavirus has had a huge impact on the UK economy this year, causing hardship for families and businesses across the UK. The

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mixed funds
Coronavirus Updates

Coronavirus support scheme overpayment penalty guidance issued by HMRC

HMRC have issued guidance on penalties that might be incurred where there is failure to notify of an overpayment made under certain coronavirus support schemes, the following schemes are included: Coronavirus Job Retention Scheme, Self-Employment Income Support Scheme and Eat Out to Help Out Scheme. Failure to notify if you have received a coronavirus support

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national insurance increase
Coronavirus Updates

Furlough Scheme extended until the end of March 2021

In an announcement today, Chancellor Rishi Sunak confirmed the Furlough Scheme will be extended until the end of March 2021. The government will pay employees, who are on the Furlough Scheme, 80% of their wages however, employers are still expected to make contributions to National Insurance and pensions for hours not worked. The scheme is

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UK Government

Calls for Stamp Duty Land Tax holiday to be extended

During the coronavirus pandemic the government introduced the Stamp Duty Land Tax (SDLT) holiday in England and Northern Ireland for residential properties purchased from 8th July 2020 to 31st March 2021. The reduced rates allow for people to purchase property under the value of £500,000 and pay no SDLT. With SDLT reduced rates set to

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making tax digital
Coronavirus Updates

Self-Employment Income Support Scheme Extended

Following on from Boris Johnson’s announcement to extend the Furlough Scheme through until December, it has been further announced that the Self-Employment Income Support Scheme grant will also be extended. The scheme will last for 6 months from November 2020 to April 2021 with grants being paid in two instalments, each covering a three month

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national living wage increase
Coronavirus Updates

Furlough scheme extended as Prime Minister announces national lockdown for England

England is preparing to face another national lockdown following Boris Johnson’s announcement over the weekend (31st October ). The PM addressed the nation telling people they must stay at home from 5th November until 2nd December, when rules will be reviewed. All non-essential shops along with bars and restaurants will have to close however, schools

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STS Europe Ltd
Tax Updates

Weekly Round-Up of Latest Tax Updates 30/10/20

Earlier this week the Chancellor, Rishi Sunak, made a statement to the House of Commons to offer support to businesses who are struggling as a result of further restrictions required, due to the coronavirus pandemic. In these challenging times the Chancellor has acknowledged that additional support is required in order to keep people in jobs

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Coronavirus Updates

New policy for Job Support Scheme

Following the Chancellor’s announcement regarding the Job Support Scheme, a Policy paper has been published by the government to provide additional information about the scheme. The scheme is designed to help protect jobs in businesses where demand is expected to fall during the coming winter months due to the coronavirus. There are two different types

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national living wage increase
UK Government

Autumn Budget scrapped due to Coronavirus uncertainty

The Treasury have announced that the autumn budget, which was planned for October, has now been scrapped. This coincides with the recent announcements made by the Prime Minister, introducing stricter restrictions on England. The autumn budget, which would have laid forth a plan to potentially start recouping the costs of the pandemic, has been scrapped

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Tax Updates

This Weeks Tax Announcements 28/08

Keep up to date with the key announcements made this past week. HMRC announce new payment for people self-isolating in highest risk areas The Government has announced a new payment for people on low incomes in areas with high rates of COVID-19 who have been forced to self-isolate and can’t work from home. The scheme

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Tax Updates

Tax update 21/08

Keep up to date with the key announcements made this past week. HMRC has produced updated guidance on disguised remuneration settlement terms HMRC have updated a number of their guidance pages on disguised remuneration tax schemes. The changes relate to those made to the loan charge in the Finance Act 2020. The updates come as

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mixed funds
Coronavirus Updates

Job Retention Bonus Clarification for Employers

Job Retention Bonus Clarification for Employers Following the announcement during the summer economic update by the Chancellor, Rishi Sunak, HMRC have published a policy paper on the eligibility requirements for employers seeking to claim the job retention bonuses. Employers will be able to claim for employees who: Were furloughed and had a Coronavirus Job Retention

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mixed funds
Other

Business Reminder to Reinstate VAT Direct Debits

With the deadline for the deferral of VAT payments due to Coronavirus having now passed on 30 June. Businesses that made use of the deferral scheme will now need to reinstate their direct debit mandates or potentially face late payment charges. The VAT payment deferral has meant that all UK VAT-registered businesses had the option

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decennial charge
Coronavirus Updates

Coronavirus Job Retention Scheme (CJRS) Updates

The guidance on the CJRS has been updated, and new guidance has been published for calculating claims. The changes outlined mean that employers will be required to gradually take back responsibility for the salaries of any furloughed employees until the end of the scheme. A policy paper has been published by HMRC outlining changes to

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Tax Updates

Weekly Review – Personal Tax Announcements 29/05/20

Personal Tax Update – 29/05/20 Keep up to date with the key announcements made this past week. Coronavirus (COVID-19): job retention scheme HMRC have provided further updates on the coronavirus job retention scheme (CJRS) for employees and employers to: explain that employers will be asked to detail separately the amounts for NIC, pension and wages

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Tax Updates

Weekly Review – Personal Tax Announcements 22/05/20

Personal Tax Update – 22/5/2020 In another information packed week, below is a summary of the key changes announced. Coronavirus (COVID-19): job retention scheme HMRC has updated the coronavirus job retention scheme (CJRS) guidance with several changes: the guidance note on ‘working out 80% of your employees’ wages to claim through the CJRS ’ has been

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Tax Updates

Weekly Review – Personal Tax Announcements 15/05/20

Keep up to date with the key announcements made this past week. In the ever-fast-moving world of tax announcements and developments, here we have pulled together some of the key changes announced this week. Coronavirus (COVID-19): job retention scheme extended until 31 October As at the 12 May, 7.5m employees had been furloughed under the

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Tax Updates

Round up of Personal Tax Announcements 11/05/20

Keep up to date with the key announcements made this past week. In the ever-fast-moving world of tax announcements and developments, here we have pulled together some of the key changes announced this week. HMRC Guidance on job retention scheme HMRC has updated its guidance  with various changes on the job retention scheme. A new section for

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Coronavirus Updates

Coronavirus Business Interruption Loan Boosted

Chancellor Strengthens Businesses Position on Interruption Loan On 3 April the Chancellor, Rishi Sunak, gave a boost to businesses aiming to utilise the Coronavirus Business Interruption Loan Scheme (CBILS). Banks have been requesting personal guarantees for loans taken out through the CBILS, Sunak has now taken the decision to ban that requirement. The government is

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mixed funds
Other

UK Insolvency Laws Amended to Protect Businesses

New measures have been announced by the UK government to help prevent businesses who are unable to meet debts as a result of the COVID-19 pandemic These measures are an attempt to help business owners from having to file for bankruptcy and putting their companies into liquidation. The new rules will allow companies undergoing restructuring

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mixed funds
Coronavirus Updates

New Announcement For The Self-Employed

Tonight, Chancellor Rishi Sunak announced support for the self-employed. The scheme introduced is aimed to assist 95% of those who are currently self-employed. As stated during the chancellor’s briefing, the Government will pay those who are self-employed a grant of 80% of their average monthly profits over the last 3 years – up to a

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