Coronavirus Job Retention Scheme – upcoming changes from 1 August 2021

From August, employees will still continue to received 80% of their salary for hours un worked, but the Coronavirus Job Retention Scheme grants will cover 60% of employees’ usual wages for the hours not worked, up to a cap of £1,875.50. Employers will need to continue to pay their furloughed employees at least 80% of Read more about Coronavirus Job Retention Scheme – upcoming changes from 1 August 2021[…]

Warning of Self Employed Income Support Scheme (SEISS) grant Scams

HMRC has issued a warning to taxpayers to be careful when making a Self Employed Income Support Scheme (SEISS) grant claim as there are a number of scams circulating, with fraudsters using emails and text messages to try dupe the self-employed into making spurious claims. It is important not to click on any links before Read more about Warning of Self Employed Income Support Scheme (SEISS) grant Scams[…]

HMRC pledges harsh fines for abuse of Self Employed Income Support Scheme (SEISS) grant

HMRC has confirmed the penalty regime for the Self Employed Income Support Scheme (SEISS) with harsh fines. An overclaimed Self Employed Income Support Scheme (SEISS) grant includes any amount paid which the self-employed person was not entitled to or received payments of more than the amount HMRC said they were entitled to when the claim Read more about HMRC pledges harsh fines for abuse of Self Employed Income Support Scheme (SEISS) grant[…]

Coronavirus Job Retention Scheme – changes from July 2021

The first change to the Coronavirus Job Retention Scheme will come into effect from 1 July 2021. From July, employees will still continue to receive 80% of their salary for hours unworked, but the Coronavirus Job Retention Scheme grants will cover 70% of employees’ usual wages for the hours not worked, up to a cap Read more about Coronavirus Job Retention Scheme – changes from July 2021[…]

HMRC’s VAT Deferral New Payment Scheme set to close on 21st June

Businesses that deferred VAT payments last year have less than a month left to join online and pay in monthly instalments under the VAT Deferral New Payment Scheme, HMRC has warned. The online portal for the new payment scheme will close on 21 June 2021. Over half a million businesses deferred £34 billion in VAT Read more about HMRC’s VAT Deferral New Payment Scheme set to close on 21st June[…]

Fifth SEISS grant will be open to claims from late July

HMRC has confirmed that the fifth Self-employment Income Support Scheme (SEISS) grant covering the period May 2021 to September 2021 will open to claims from late July. To be eligible for the grant, an individual must be self-employed or a member of a partnership. They must have traded in the tax year 2019/20 and submitted Read more about Fifth SEISS grant will be open to claims from late July[…]

Coronavirus Job Retention Scheme – upcoming changes

It was announced in March’s budget that the Coronavirus Job Retention Scheme will be extended until the end of September 2021, with changes to the scheme from July 2021. The UK Government will continue to pay 80% of employees’ usual wages for the hours not worked, up to a cap of £2,500 per month, up Read more about Coronavirus Job Retention Scheme – upcoming changes[…]

Borrowers of Bounce Back loans given more flexibility

Businesses that took out government-backed Bounce Back loans to get through the coronavirus (COVID-19) pandemic will now have greater flexibility to repay their loans, the government has announced. The Pay as You Grow repayment flexibilities now includes the option to delay all repayments for a further six months. This means businesses can choose to make Read more about Borrowers of Bounce Back loans given more flexibility[…]

Late payment penalties for Self Assessment waived until 1 April

HMRC has announced that Self Assessment taxpayers will not be charged a 5% late payment penalty if they pay their tax or set up a payment plan by 1 April. The payment deadline for Self Assessment was 31 January and interest is charged from 1 February on any amounts outstanding. Normally, a 5% late payment Read more about Late payment penalties for Self Assessment waived until 1 April[…]