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Comments Off on Applications open for second phase of self-employed income support

Applications open for second phase of self-employed income support

Applications open for second phase of self-employed income support

The second and final round of grants under the self-employed income support scheme (SEISS) opened this month, offering a smaller lump sum grant. From 17 August 2020, self-employed individuals who meet the scheme requirements will be able to access HMRC’s online service and claim up to £6,570 to cover three months’ worth of profits. This … Continued

Comments Off on Capital gains tax under review as Treasury considers overhaul

Capital gains tax under review as Treasury considers overhaul

Capital gains tax under review as Treasury considers overhaul

The Government has called for a comprehensive review of the capital gains tax system. Chancellor Rishi Sunak has commissioned the Office for Tax Simplification (OTS) to review how asset sales are taxed. Capital gains tax applies on the sales of assets such as second homes, stocks and shares, most personal possessions, and business assets. The … Continued

Comments Off on HMRC resumes investigations after COVID-19

HMRC resumes investigations after COVID-19

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

Comments Off on Chancellor’s Economic Update 8 July 2020

Chancellor’s Economic Update 8 July 2020

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.

Comments Off on Self-employed grants ‘are liable for tax and national insurance’

Self-employed grants ‘are liable for tax and national insurance’

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

Comments Off on Government clarifies furlough scheme stance for employers

Government clarifies furlough scheme stance for employers

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

Comments Off on Builders’ cashflow chaos prompts further reverse charge VAT delay

Builders’ cashflow chaos prompts further reverse charge VAT delay

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

Comments Off on UK economy slumps into recession after record contraction in April

UK economy slumps into recession after record contraction in April

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

Comments Off on Three Months until Reverse Charge VAT for Construction Services Comes in

Three Months until Reverse Charge VAT for Construction Services Comes in

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