Budget 2021 has confirmed details of a fourth grant. This will be 80% of three months’ average trading profits to be claimed from late April 2021. Payment will be in a single instalment capped at £7,500 in total and will cover the period February to April 2021. The scheme has been extended to those who have […]
The current JRS allows an employer to place an employee on furlough and apply for a grant to cover wage costs for the time an employee is on furlough. The employer: Can claim 80% of ‘usual salary’ for hours not worked, up to a maximum of £2,500 per employee (pro-rated for hours not worked) per […]
Information about ‘coronavirus (COVID-19) tests’ has been added. Coronavirus tests provided by the government, as part of its national testing scheme, are not treated as a benefit in kind for tax purposes. This means for employed healthcare workers and other eligible front-line staff who get a test through this programme, there is no tax due […]
If your VAT payments were deferred in the period 20 March – June 2020 you can do one of the following: Pay the deferred VAT in full on or before 31 March 2021 Opt-in to the VAT deferral payment scheme Contact HMRC if you need more time to pay If you would like to opt […]
Many owner managed businesses will have faced unique changes to their payroll processes as a result of COVID-19 and at times, the changes have been overwhelming. Our payroll team have worked diligently to guide our clients through the Coronavirus Job Retention Scheme (CJRS), how to manage furlough payments and keep records, and offered ongoing support […]
Claims must be made by the 14th of the following month although they can be made up to 14 days in advance. Another key difference from the previous versions of CJRS is that there is no requirement that the employee was on the payroll at 19 March 2020 or has been previously furloughed. They do […]
HMRC have announced that they will be imposing penalties of up to 100% of the amounts overclaimed on businesses so make sure that your claims are correct. The penalties depend on whether or not the overclaim is the result of a deliberate error and whether or not the disclosure was prompted by HMRC. The penalty […]
With more of us working from home there is good news from HMRC that employees can now make a claim for tax relief to cover some of their costs while they are working from home. The previous rule for employees was that there had to be a home working arrangement with their employer under which […]
Employers using the Job Support Scheme will also be able to claim the Job Retention Bonus if they meet the eligibility criteria. See: https://www.gov.uk/government/publications/job-support-scheme If your business is eligible for the Job Retention Bonus (JRB) You will be able to claim it between 15 February 2021 and 31 March 2021.
Approximately 11 million self-assessment taxpayers will be able to benefit from a separate additional 12-month extension from HMRC on the “Time to Pay” self-service facility, meaning payments deferred from July 2020, and those due in January 2021, will now not need to be paid until January 2022.