LITRG warns self-employed that SEISS is taxable
The Low Incomes Tax Reform Group (LITRG) has warned self-employed individuals that the government’s coronavirus (COVID-19) Self-employment Income Support Scheme (SEISS) is taxable. The group is concerned that many may wrongly assume that the SEISS funds are exempt from tax, particularly as they are termed ‘grants’ by the government. It is warning that many people […]
MPs call for VAT reduction to help firms affected by coronavirus
MPs have urged the government to reduce VAT for firms in the tourism sector in order to help them recover from the coronavirus (COVID-19) lockdown. A report published by the All-Party Parliament Group (APPG) for Hospitality and Tourism has called for a reduction in VAT for businesses in the hospitality sector, alongside an overhaul of […]
HMRC updates guidance for self-employed coronavirus scheme
HMRC has updated its guidance regarding the eligibility of businesses for the two Self-employment Income Support Scheme (SEISS) grants. The tax authority has published a number of examples that show when a business has been ‘adversely affected’ and meets the criteria for the first and second grants. Those self-employed individuals (including those trading as a […]
HMRC updates CJRS guidance for employers
On 12 June, HMRC updated its guidance for employers who have furloughed employees under the Coronavirus Job Retention Scheme (CJRS). From 1 July, employees will no longer have to be furloughed for a minimum period of three weeks. From this date the CJRS will have more flexibility to allow claims on a pro rata basis. […]
Businesses urged to reinstate VAT direct debits
Business have been reminded to reinstate their direct debit mandates before the deferral of VAT payments due to the coronavirus (COVID-19) comes to an end on 30 June. The VAT payment deferral means that all UK VAT-registered businesses have the option to defer VAT payments due between 20 March and 30 June 2020 until 31 […]
UK public calls for greater transparency on tax avoidance and evasion
According to an annual survey carried out by Fair Tax Mark, the UK public is using the coronavirus (COVID-19) lockdown to take ‘decisive action’ against tax avoidance practices. 79% of people polled would rather shop with a business that can prove it’s paying its fair share of tax, according to the survey. 78% of individuals […]
Government urged to consider emergency VAT reduction
The government has again been urged to consider an emergency VAT reduction in order to help businesses once the coronavirus (COVID-19) lockdown ends. A new report published by think tank Policy Exchange has suggested that reducing the rate of VAT to 15% could help boost consumer spending in the short-term. The current standard rate of […]
Government-backed coronavirus lending now over £40 billion
Over £40 billion has now been borrowed through government-backed schemes designed to help businesses get through the coronavirus (COVID-19) crisis, according to the latest figures from the Treasury. More than 304,000 businesses have now accessed support through either the Bounce Back Loan Scheme (BBLS), the Coronavirus Business Interruption Loan Scheme (CBILS) or the Coronavirus Large […]
IoD urges government to support jobs and investment after coronavirus lockdown
The Institute of Directors (IoD) has called on the government to act to support jobs and investment once the coronavirus lockdown ends. In a submission to the Treasury, the IoD has urged the government to act now in order to reduce the cost of employing people as the Coronavirus Job Retention Scheme (CJRS) comes to […]
Overseas VAT claims subject to COVID delays
VAT claims submitted under the Overseas Refund Scheme will be subject to delays due to changes in HMRC’s working practices during the COVID-19 pandemic, the tax authority has stated. The delays relate to payments due to overseas businesses that are not established in the EU. The affected claims are those within the prescribed year 1 […]