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HMRC resumes investigations after COVID-19
What to expect from tax probes in 2020/21. After temporarily pausing tax investigations as COVID-19 business support measures rolled out earlier this year, HMRC has restarted probes into businesses and individuals’ tax affairs. The Revenue has also started to direct its attention towards the misuse of coronavirus support schemes, such as the furlough scheme and … Continued
Chancellor’s Economic Update 8 July 2020
Please find attached our summary of Rishi Sunak’s speech yesterday. We hope you find the summary interesting and if you want to talk through any of the detail please get in touch.
Self-employed grants ‘are liable for tax and national insurance’
Recipients of self-employed income support grants may not realise they are taxable, a tax group has warned. The grants are worth up to 80% of trading profits, paid in a lump sum to cover three months, and capped at £7,500. More than 2.6 million lump sums worth £7.6 billion had been provided through the scheme … Continued
Government clarifies furlough scheme stance for employers
Only employees who have been furloughed for at least three weeks on or before 30 June 2020 are eligible for the final phase of the scheme. Employers had until 10 June 2020 to place any workers on the job retention scheme if they wanted to take advantage of it until 31 October 2020. Jeremy Coker, … Continued
Builders’ cashflow chaos prompts further reverse charge VAT delay
The domestic reverse VAT charge for construction services has been delayed until 1 March 2021. The way VAT is collected in the building and construction industry was originally due to change from 1 October 2019. Less than a month before it was due to kick in, the change was put on hold for 12 months … Continued
UK economy slumps into recession after record contraction in April
The UK’s economy experienced the largest monthly contraction on record in April 2020, shrinking by 20.4%. The sharp fall in GDP came as the UK spent its first full month in lockdown to try and halt the spread of COVID-19. The Office for National Statistics (ONS) said April’s decline was three times deeper than at … Continued
Three Months until Reverse Charge VAT for Construction Services Comes in
A major change to the way VAT is collected in the building and construction industry comes into force on 1 October 2020 The domestic reverse charge VAT for construction services will put the onus on the customer receiving a service to pay the VAT element to HMRC, instead of paying the supplier. It will apply … Continued
Covid-19 Update 16/6/2020
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Covid- 19 Update 8/6/20
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