Keep up to date with the key announcements made this past week. Top Slicing Relief on life insurance policy gains Following on from the Silver case (see below), changes to Top Slicing Relief were included in the Finance Act 2020. In the wake of this change, the Chartered Institute of Taxation have released a update
Keep up to date with the key announcements made over the last 2 weeks. Winter Economic Plan The Chancellor, Rishi Sunak has laid out the latest support package for the ongoing coronavirus pandemic. In his speech to the house of commons yesterday, Sunak confirmed that the furlough scheme would indeed end on 31st October as
Despite the uncertainty of the coronavirus pandemic, HMRC look set to push on with the proposed IR35 changes with updates to aspects of its Employment Status Manual. The changes brought in by IR35 have already been delayed by a year as a result of the coronavirus pandemic and it would appear that HMRC are currently
Keep up to date with the key announcements made this past week. Loan Charge deadline looms large The deadline for settling the highly controversial disguised remuneration loan charge is fast approaching. Following the findings of the report from Sir Amyas Morse, HMRC relented and narrowed the scope of the loan charge, removing a large number
HMRC have published guidance on when you can claim reliefs to pay less customs duty and VAT if you re-import goods to the UK and EU. The relief which is known as Returned Good Relief, can be claimed where goods are re-imported into the UK or EU that had been previously exported. Goods must have
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
The Association of Tax Technicians have announced that HMRC issued the first wave of Coronavirus Job Retention Scheme (CJRS) compliance letters last week. The action comes as HMRC moves past it’s transaction review phase of the scheme. The initial set of letters, which were due to arrive on doormats from 18th August, will be asking
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
Tax Update 7/8/2020 Keep up to date with the key announcements made this past week. Job Retention Bonus Clarification for Employers HMRC have produced a policy paper on the eligibility requirements for employers seeking to claim the job retention bonuses. The updated guidance provides clarifications as to when claims can be submitted, claims after the
General Electric accused of $1 billion tax fraud In an astonishing turn of events HMRC have gone from praising General Electrics (GE) tax department to alleging that the company has committed tax fraud. In 2012 Will Morris, the companies director of tax policy was recognised for his role in “informing the public debate on large
Keep up to date with the key announcements made this past week. Covid-19 support scheme overpayments HMRC has published two new compliance check factsheets, these factsheets cover assessments, interest and penalties where grants under the coronavirus support schemes have been over paid and fail to notify HMRC about the overpayment. CC/FS48 Job Retention Scheme –
Keep up to date with the key announcements made this past week. Finance Bill 2020 On the 22nd July the Finance Bill 2020 received royal accent and became the Finance Act 2020 Finance Bill 2021 A day earlier on the 21st July, HMRC published the draft legislation for the next finance bill. The draft provisions,
Keep up to date with the key announcements made this past week. Summer Economic Statement In the long awaited summer statement, the Chancellor Rishi Sunak announced a plethora of new measures. Included in these measures where the ‘Eat Out Help Out’ scheme. Customers with receive 50% off, up to £10 per head, on meals out
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
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
On Friday 29 May, the Chancellor, Rishi Sunak, announced the gradual phasing out of the Coronavirus Job Retention Scheme (CJRS) with its complete conclusion set to take place on 31 October 2020. The changes outlined mean that employers will be required to gradually take back responsibility for the salaries of any furloughed employees until the
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
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
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
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
