Changes to notifying an option to tax (VAT) on land and buildings during the Coronavirus pandemic
May 21, 2020
HM Revenue & Customs (HMRC) has made temporary changes to the time limit and rules for notifying an option to tax (charge VAT on) land and buildings. Normally, when notifying HMRC of a decision to opt to tax land and buildings, ...
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Money laundering supervision payment deferrals and deregistration announced by HM Revenue & Customs
May 21, 2020
Businesses that require money laundering supervision from HM Revenue & Customs (HMRC) can receive a six-month payment deferral or deregistration where an annual fee is due between 1 May and 30 September 2020, it has been announced. HMRC is the money ...
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Tax treatment of expenses and benefits during COVID-19
May 21, 2020
The Government has updated its guidance on taxable expenses and benefits when they are paid to employees during the Coronavirus crisis and how employers should report them to HM Revenue & Customs (HMRC). The new guidance provided relates to income tax ...
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Temporary tax freeze on home office expenditure announced
May 21, 2020
The Government has announced a temporary tax and National Insurance Contribution (NIC) exemption that ensures that home office equipment purchased by employees, where reimbursed by the employer, does not attract tax or NICs. Jesse Norman, financial secretary to the Treasury, announced ...
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Maximum Government-backed loan amount for larger businesses increased to £200 million
May 21, 2020
The Government has announced an increase in the maximum amount that larger businesses can borrow under the Coronavirus Large Business Interruption Loan Scheme (CLBILS) from £50 million to £200 million. CLBILS loans are offered on normal commercial terms, but are backed ...
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Coronavirus Statutory Sick Pay Rebate Scheme set to open for claims
May 21, 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 ...
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Coronavirus Future Fund opens to applications
May 21, 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 ...
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One-third of SMEs ‘may never re-open’ after Covid-19, study reveals
May 20, 2020
One-third of small businesses believe they will never reopen as a result of Covid-19 disruption, according to the latest research. The finding forms part of the Federation of Small Businesses’ (FSB) new membership survey - a poll of more than 5,000 ...
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Check your eligibility and make a Self Employment Income Support Scheme claim
May 14, 2020
HM Revenue & Customs is currently contacting eligible individuals regarding the Self Employment Income Support Scheme (SEISS) so that they can begin the application process. You may be eligible for the scheme if: Your trading profits are no more than £50,000, ...
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Self-Employment Income Support Scheme open for business
May 13, 2020
The Self-Employment Income Support Scheme (SEISS) is now open for business, weeks ahead of schedule. First announced in March, the landmark capital grant scheme is designed to help self-employed workers affected by Covid-19 recover from financial distress. According to HM Treasury, the ...
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