Aaron Associates newsletter

Self-Employment Income Support Scheme (SEISS) 4 claims soon. Uber drivers update – [update 23^rd April 2021]

4^th SEISS Grant will open over the next week. HMRC has written to each potential claimant giving them their personal claim date. We understands that these dates fall between 22 and 29 April.

Furlough Scheme Extended - Lockdown 2.0

The furlough scheme, or Coronavirus Job Retention Scheme to give its full name, was originally meant to end on 31 October 2020 and be replaced with a new Job Support Scheme (JSS). Job Retention Scheme has been extended for a month with employees receiving 80% of their current salary for hours not worked, up to a maximum of £2,500.

Mortgage Holidays

31 July: Taxpayers who have received CJRS or SEISS grants have 90-day period to inform HMRC of any overclaimed amounts, by law.

HMRC now has power to recover Coronavirus Job Retention Scheme (CJRS), Self-employment Income Support Scheme (SEISS), Coronavirus Statutory Sick Pay Rebate Scheme and coronavirus business support payments grants to which the recipient is not entitled, as well as to charge penalties.

1 July 2020 - Flexible furlough scheme opens.

30 June: Employers will be able to make claims for grants under the flexible furlough scheme (CJRS V2) from 1 July 2020.  

The first version of the Coronavirus Job Retention Scheme (CJRS), whereby employees had to be furloughed full time, ends on Tuesday 30 June 2020 and the deadline for claims is 31 July 2020.

Employees’ homeworking costs

The legislation specifically allows payments made by employers to employees to cover homeworker’s additional household expenses to be tax-free in certain circumstances.

Based on recent years HMRC will potentially issue at least 1 million late filing penalties..

Late filing penalties are as follows:

From 1 April 2019, Making TAx Digital (MTD) finally beging to come into force.

Under the MTD rules most businesses will be required to digitally record tax-relevant data and to use MTD-compliant software to transfer the required information directly to HMRC’s systems via an application programming interface (API).

MTD for business is being introduced tax by tax, not by business size or type.