Deadline looming for new entrants to Coronavirus Job Retention Scheme
HMRC has reminded employers who intend to furlough an employee for the first time that the deadline to do so is approaching fast. The Coronavirus Job Retention Scheme (CJRS) will be closed to new entrants from June 30. In order for the minimum three-week furlough period to be completed by then, the final date which […]
Business debt ‘will slow economic recovery’ from coronavirus pandemic, IoD warns
The Institute of Directors (IoD) has warned that business debt will hinder the economic recovery from the coronavirus (COVID-19) unless steps are taken to make the burden more manageable. The IoD polled 720 company directors and found that 51% believe that debt their company has taken on during the pandemic will have a negative impact […]
£35 billion loaned to businesses through coronavirus schemes
Business loans through government-backed coronavirus support schemes have reached almost £35 billion, according to the latest figures published by the Treasury. The figures show that £3.6 billion has been granted to 85,000 businesses in the past week, taking the total to £34.9 billion. The Bounce Back Loan Scheme (BBLS), which allows small businesses adversely affected […]
Government extends furlough scheme for parents on statutory leave
The government has extended the Coronavirus Job Retention Scheme (CJRS) for parents on statutory maternity and paternity leave. The Treasury recently announced that parents who are returning to work over the coming months will be eligible for the CJRS despite the scheme closing to new entrants on 30 June. Individuals on adoption leave, shared parental […]
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 […]