News
VAT treatment of imported goods up to £135 to change under new rules
19 August 2020
VAT on imported goods with a value of up to £135 will be collected at the point of sale, not the point of importation from 1 January 2021. New guidance has been issued by HM Revenue & Customs (HMRC) which outlines how it anticipates the import of goods from outside the UK below this value to be treated for VAT after the transition period ends.
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HM Revenue & Customs publishes Job Retention Bonus guidance
19 August 2020
HM Revenue & Customs (HMRC) has published guidance setting out how the Job Retention Bonus will operate. The Job Retention Bonus was announced by the Chancellor at the Summer Economic Update on 8 July 2020 and will provide employers with a one-off payment of £1,000 for each previously furloughed employee continuously employed to 31 January 2021.
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Small business Covid recovery boosted by £20million in new grants
19 August 2020
The Government has announced new grants aimed at smaller businesses in England worth £20 million, to help them obtain the support they need to recover from the effects of the Coronavirus pandemic. Under the new scheme, small and medium-sized businesses will be able to obtain grants of between £1,000 – £5,000 that can be used to help...
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HM Revenue & Customs sets out Making Tax Digital plans for VAT and Income Tax
19 August 2020
HM Revenue & Customs (HMRC) has set out its plans for the future of the Making Tax Digital (MTD) programme, with confirmation of the timeline for the expansion of MTD for VAT and the introduction of MTD for Income Tax. Since its introduction in April 2019, MTD for VAT has required most VAT-registered businesses with a turnover...
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HM Revenue & Customs sets out details of penalties for breaches of furlough and self-employment scheme rules
19 August 2020
HM Revenue & Customs (HMRC) has set out full details of the penalties that will apply to employers and self-employed individuals who are found to have breached the rules of the Coronavirus Job Retention Scheme (CJRS) and Self-Employment Income Support Scheme (SEISS).
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Reminder: VAT payment deferral period has ended
19 August 2020
The financial support offered by the Government through the VAT payment deferral scheme has come to an end. This period, which was intended to support businesses struggling with the impact of COVID-19, ended on 30 June 2020. You must now pay any VAT due after this date on time as HM Revenue & Customs (HMRC) may apply surcharges.
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Banks list top 10 Coronavirus scams
19 August 2020
Throughout this ongoing pandemic, fraudsters have attempted to play on people’s fears to try and trick them out of their hard-earned cash. Now UK Finance, the trade body for the British banking sector, has issued a list of the most common scams to help people identify them.
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HM Revenue & Customs issues ‘nudge’ letters to people suspected of having undeclared overseas assets
14 August 2020
HM Revenue & Customs (HMRC) has written to people suspected of having undeclared overseas assets, asking them to declare any currently undeclared overseas assets and to complete a certificate declaring the correct tax position.
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Second round of Self-Employment Income Support Scheme (SEISS) opens on Monday
14 August 2020
The second round of the Self-Employment Income Support Scheme (SEISS), which is worth 70 per cent of three months’ average trading profits, capped at £6,570, launches on Monday 17 August 2020.
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Key dates for Coronavirus support schemes, tax and Companies House
14 August 2020
With numerous Government schemes open to businesses and individuals to help deal with the impact of the Coronavirus outbreak, there are more than 60 key dates to be aware of in the coming months where these schemes will end or change, plus the usual HMRC and Companies House deadlines.
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