VAT

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

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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Coronavirus Job Retention Scheme online portal

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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expenses

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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large-business

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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sick

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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future-funds

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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SMEs 3

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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SEISS

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 Employed

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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