News

Government delays VAT Reverse Charge
16 June 2020

The Government has announced that the controversial VAT Reverse Charge rules for the construction sector will be delayed until 1 March 2021 due to the Coronavirus pandemic. The VAT Reverse Charge rules, which effectively transfer the responsibility of paying VAT from a supplier to the business using their services, was...
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VAT deferral refund available
16 June 2020

Taxpayers that wished to defer VAT payments, but did not cancel their Direct Debits in time can claim a refund, according to HM Revenue & Customs (HMRC). The tax authority has confirmed that taxpayers that intended to defer VAT payments due between 20 March 2020 and 30 June 2020 that were unable to cancel their Direct Debit to...
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Trade Credit Insurance backed by £10 billion guarantee
16 June 2020

The Government will provide up to £10 billion of guarantees to Trade Credit Insurance schemes for business-to-business transactions. The spending commitment, known as the Trade Credit Reinsurance scheme, has been agreed following extensive discussions with the insurance sector. The new scheme will be available temporarily for nine months...
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Guidance on exceptional circumstances for higher rate SDLT refunds updated
16 June 2020

HM Revenue & Customs (HMRC) guidance that sets out the exceptional circumstances allowing homeowners to claim higher rate Stamp Duty Land Tax (SDLT) refunds beyond the usual timeframes has been updated. The updated guidance means that homeowners in England and Northern Ireland can now claim a refund in respect of the three per cent...
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Whistleblowers make almost 2,000 allegations of furlough fraud
16 June 2020

Figures show that almost 2,000 allegations of furlough fraud have been made by whistleblowers against employers, with HM Revenue & Customs (HMRC) expected to impose steep penalties on businesses and directors found to have abused the scheme. Such claims come in several forms, including requiring furloughed employees to work, failing to...
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Employees returning from parental leave continue to be eligible for furlough scheme
16 June 2020

Employees returning from statutory maternity and paternity leave in the next few months will remain eligible for furlough through the Coronavirus Job Retention Scheme (CJRS). Since 10 June, it has no longer been possible to furlough an employee for the first time, with the Government set to introduce part-time furlough from 1 July...
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Chancellor unveils changes to furlough scheme
01 June 2020

The Chancellor, Rishi Sunak, has announced a series of changes to the Coronavirus Job Retention Scheme (CJRS) from July that will see furloughed employees able to return to work part-time, but with the value of Government support reducing gradually from August. Meanwhile, the scheme will, in effect, close to employees who have...
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Self-Employment Income Support Scheme (SEISS) extended
01 June 2020

The Chancellor has confirmed the extension of the Self-Employment Income Support Scheme (SEISS), with the announcement of a second and final grant to support the income of self-employed individuals during the Coronavirus outbreak. The first and current round of grants under the scheme allows self-employed individuals to claim...
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Coronavirus Future Fund opens to applications
22 May 2020

The Future Fund, which offers convertible loans of between £125,000 and £5 million to innovative companies facing financial difficulties as a result of the COVID-19 pandemic has opened. The fund is designed to support UK-based companies that have acquired at least equal match funding from private investors.
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Coronavirus Statutory Sick Pay Rebate Scheme set to open for claims
22 May 2020

The Coronavirus Statutory Sick Pay Rebate Scheme (CSSPRS), announced by the Chancellor at the Budget, is set to open for claims from Tuesday 26 May 2020, HM Revenue & Customs (HMRC) has said. The scheme enables employers with up to 250 employees to claim the cost of Statutory Sick Pay (SSP) related to Coronavirus...
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