Category Archives: Legislation

Extended Date For Making Tax Digital Is Now Confirmed

Making Tax Digital is already compulsory for VAT registered businesses with a taxable turnover of over £85,000. At the present time, smaller businesses with less turnover aren’t currently obligated to comply. However, the extended date for Making Tax Digital for all VAT registered businesses is now confirmed as April 2022. Making Tax Digital For VAT As we know, MTD is already compulsory for VAT registered traders with an annual turnover exceeding £85,000. However, smaller VAT registered businesses with lower turnover have so far been exempt. This is, in part, due to plans to make tax digital for all VAT registered […]

90 Days To Repay Coronavirus Grants

Employers and self-employed people now have 90 days to repay coronavirus grants if they have been over-paid. HMRC have announced that they must be informed within a 90 day period if businesses have over-claimed furlough payments through the CJRS. Self-employed individuals have the same time-period to report any overpaid grants through SEISS. The excess payments must also be paid back or penalties will apply. CJRS Overpayments – Furlough Scheme A CJRS grant should be repaid to HMRC if the funds were not used to reimburse the employer’s costs related to furloughed employees within a reasonable period of time. The grant […]

Update On Part-time Furlough, Changes To The Coronavirus Job Retention Scheme And The Second Self-employed Income Support Scheme. On the 28th of May, the Chancellor Rishi Sunak announced plans to end the eight-month coronavirus job retention scheme (CJRS) and self-employed income support scheme (SEISS) by gradually withdrawing taxpayers’ contributions from August. Whilst outlining his plans Mr Sunak said that he intends to reduce contributions to the furlough scheme as it “cannot continue indefinitely”. This means that in the final phase of the eight-month scheme employers will be asked to “contribute, alongside the taxpayer, towards the wages of their staff”. CJRS […]

The self-employed income support scheme (SEISS) allows self-employed tax-payers to claim a taxable grant of 80% of their average monthly trading profits. This will cover 3 months and will be paid in one instalment (capped at £7,500). The grant will be subject to Income Tax and self-employed National Insurance. Work Restrictions Unlike the furlough scheme, if you receive the grant you CAN continue to work, start a new trade or take on other employment. You are also able to take part in voluntary work, or duties as an armed forces reservist. When Is It Open? The self-employed income support scheme […]

The coronavirus job retention scheme is a temporary scheme open to all UK employers for at least three months starting from 1 March 2020. This scheme exists to allow employers to claim for 80% of furloughed employees’ (employees on a leave of absence) via an online portal. The claim can be made for usual monthly wage costs, up to £2,500 a month. (plus associated Employer National Insurance contributions and minimum automatic enrolment employer pension contributions.) The scheme is now up and running and you can make a claim here. Frequently Asked Questions This scheme works very differently from standard payroll […]

The topic of Statutory Sick Pay (SSP) for employees who are sick or in self-isolation is still a hot topic for employers. This is mostly due to the raft of information and misinformation being circulated. With this in mind, we wanted to put together the key points of the current legislation for employers with staff claiming SSP. Advice About Self Isolating On the 12th of March 2020 Public Health England, NHS National Services Scotland, Public Health Wales, the Regional Agency for Public Health and Social Well-being in Northern Ireland on 12 March 2020 made an announcement which stated that anyone […]

Budget 2020 – How It Affects You

Key Points For The Budget 2020 Whilst the Chancellor’s budget 2020 was heavily focused on boosting the economy to mitigate the effect of coronavirus, it didn’t stop him from implementing a number of pledges. To help our clients understand the impact this will have on them and their businesses, we’ve identified a few key points that may be of interest. Base Lending Cut From 0.75% to 0.25% Before Rishi Sunak got the chance to deliver his debut Budget, The Bank of England opened up proceedings with an announcement that £10bn will be deployed from business and bank support reserves to […]

Big Changes To Tax Relief For Landlords

If You Are A Landlord There Are A Number Of Tax Changes Coming Which Will Affect You From changes to Capital Gains Tax payment dates to the abolishment of mortgage interest relief, there’s plenty to take in. That’s why we’ve put it all together so you know where you stand. The changes will take effect from April 2020 and will affect almost all sales of additional properties in the UK. Change To Capital Gains Tax Payment Dates Capital gains tax incurred on the sale of a property is currently paid through your self-assessment tax return. Therefore, it doesn’t need to […]

Income Tax Bands are Changing

You may have heard the news that the government is implementing some changes to the tax bands for income tax. These changes are likely to affect all individuals paying income tax, so we thought we’d put together a quick article on what these changes will entail.