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'Millions' slip through COVID-19 financial safety net

MPs have accused the Chancellor of failing to help over a million workers excluded from coronavirus support schemes, despite his pledge ‘to do whatever it takes’ to ensure no one would be left behind The Treasury select committee has published an interim report as part of its inquiry into the economic impact of coronavirus. This identified a number of groups it says have fallen through the main government support schemes, notably the coronavirus job retention scheme (CJRS) and the self- employment income support scheme (SEISS). They include new starters; the self-employed above the trading profits threshold; limited company directors; freelancers and short-term contractors; the newly self-em

Making Tax Digital: Dates for your Diary

All VAT-registered businesses will have to comply with Making Tax Digital (MTD) from 1 April 2022 whilst MTD for income tax has been delayed until 6 April 2023. What do you need to know? The current rules Since 1 April 2019, businesses with a taxable turnover that exceeded the VAT registration threshold (currently £85,000) have been required to store their VAT records digitally and submit VAT returns via an interface with HMRC software. Whereas the launch date for MTD for income tax has been delayed several times so individuals are still declaring their income via an annual self-assessment tax return. When will this change? From 1 April 2022, all VAT-registered businesses must comply with MT

The Furlough Scheme Calculator

The Furlough scheme calculator is now effective until the 31st August. When the recent changes to the Coronavirus Job Retention Scheme, including the introduction of flexible furloughing from 1 July, were announced, HRMC stated that the existing online calculator could only be used for claims ending on or before 30 June. This has now been extended to 31 August. HMRC has now updated its online calculator and it’s back up and running for you to use for claim periods up to 31 August. For more information and to use the online calculator, see here Like before, the online calculator can be used for most employees who are paid either regular or variable amounts each pay period, e.g. weekly or mont

What is a reasonable excuse?

HMRC has updated its guidance on what it will accept as a reasonable excuse for late filing or payment resulting from the coronavirus pandemic. What does the guidance say and how much latitude does it give you? Appealing against a penalty: HMRC has expanded its guidance on how to appeal against a penalty (see Follow up ) in order to specifically consider coronavirus as a “reasonable excuse”. When making the appeal you must explain how you were affected by coronavirus, why this led to the late payment or return and demonstrate that you rectified the position as soon as you were able to. Other excuses: Reasonable - These are the other situations that HMRC considers count as a reasonable excuse

Chancellor Rishi Sunak's Summer Economic Statement

Yesterday the Chancellor announced the introduction of the Job Retention Bonus. This is a one-off payment of £1,000 to employers that have used the Coronavirus Job Retention Scheme (CJRS) for each furloughed employee who remains continuously employed until 31 January 2021. The bonus will provide additional support to retain employees. To be eligible, employees will need to: Earn at least £520 per month (above the Lower Earnings Limit) on average for November, December and January Have been furloughed at any point and legitimately claimed for under the Coronavirus Job Retention Scheme Have been continuously employed up until at least 31 January 2021. Employers will be able to claim the bonus

Making an expenses claim

If you’ve worked at home because of coronavirus you might have incurred extra costs for which you can claim a tax deduction. How do you make the claim and what happens after the tax year ends?EndFragment StartFragment Tax deductions or exemption Where employees or directors work from home because their job requires them to, they are entitled to claim a tax deduction for household expenses incurred as a result (unless their employer reimburses them without deducting tax from the payment). Employers can do this if they are satisfied that the employee would be entitled to a tax deduction if they didn’t reimburse them. HMRC statistics show that many employees aren’t claiming the tax deductions t

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