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COVID 19 - HMRC overclaimed notification – 90 days

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.

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.

COVID 19 - THE TAX IMPACT OF WORKING FROM HOME

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.

Self-Assessment Penalties 2018-19

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

Late filing penalties are as follows:

THE MAKING TAX DIGITAL TIMETABLE

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.

Support for businesses - Due to COVID-19:

Support for businesses - COVID-19:

The government will bring forward legislation to allow small- and medium-sized businesses and employers to reclaim Statutory Sick Pay (SSP) paid for sickness absence due to COVID-19. The eligibility criteria for the scheme will be as follows:

Tax efficient investments of the tax year end 5th April 2020

Tax efficient investments ahead of the tax year end 5th April 2020

With the end of the tax year looming there is still time to save tax for 2019/20.

Make full use of your ISA allowance - ISAs can offer a useful tax free way to save, whether this is for your children's future, a first home or another purpose. Individuals may invest up to a limit of £20,000 for the 2019/20 tax year. Savers have until 5 April 2020 to make their 2019/20 ISA investment.

Autumn Budget 2018.

Philip Hammond announced that the “era of austerity is finally coming to an end but discipline will remain”. There was welcome news for many businesses in his second Autumn Budget. 

We have highlighted below some of the main headlines.

Personal tax 

VAT Flat Rate Scheme.

VAT Flat Rate Scheme.

Changes are being made to the Flat Rate Scheme (FRS) which take effect from 1 April 2017. These changes may mean that the FRS is less attractive to some businesses and this may result in these businesses deciding to no longer operate under the FRS. In some cases where a trader has voluntarily registered for VAT it may be appropriate to deregister from VAT.

A summary of the Autumn Statement 2016

The Chancellor delivered his Autumn Statement to Parliament on 23 November 2016 and you will find a summary of the changes which may affect you, as an employer.

Salary Sacrifice

The Chancellor intends to remove the income tax and employer’s Class 1A National Insurance contributions (NICs) advantages from salary sacrifice arrangements. In this context, salary sacrifice includes Benefits in Kind (BiKs) with a cash allowance option and flexible benefit packages with a cash option.

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