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Practice News

VAT cut in bid to support hospitality sector

Courtesy of the Institute of Chartered Accountants in England and Wales (ICAEW) 8 July: VAT on eating out, accommodation and tourist attractions will be cut to 5% to help the UK’s hospitality sector recover from the impacts of the coronavirus pandemic.  In his Summer Statement, the Chancellor announced a six-month reduction in the VAT rate on…Read More

£1k job retention scheme bonus for employers

Courtesy of the Institute of Chartered Accountants in England and Wales (ICAEW) 8 July: Employers who retain staff for three months after the furlough scheme ends will receive £1,000 government ‘bonus’ for each employee, the Chancellor has announced. One of the main purposes of the Coronavirus Job Retention Scheme (CJRS) has been to support continued employment rather…Read More

Summer Statement serves up jobs-first package

Courtesy of the Institute of Chartered Accountants in England and Wales (ICAEW) 9 July 2020: the Chancellor’s Summer Statement put forward a plan for jobs, green investment and a variety of targeted tax cuts, but also signalled a clear intention to wean businesses off government support. Billed as the second part of a three-phase plan…Read More

HMRC Self Assessment Statements – Payment Date Clarification

HMRC are starting to send out the statements for the July Self Assessment payment, but they state that the amount is due on 31 January 2021. As the Government have made the payment in July, non-compulsory, as part of their COVID-19 measures, they have amended the due dates so that the computer does not calculate…Read More

Businesses need to reinstate VAT direct debits

Courtesy of the Institute of Chartered Accountants in England and Wales (ICAEW) 15 June: The deferral of VAT payments due to coronavirus comes to an end on 30 June and businesses need to take action to reinstate their direct debit mandates. The VAT payment deferral means that all UK VAT-registered businesses have the option to defer VAT payments…Read More

Expanded guidance on SEISS eligibility

Courtesy of the Institute of Chartered Accountants in England and Wales (ICAEW) 15 June: HMRC has updated its guidance on whether a business has been “adversely affected” by coronavirus and therefore able to claim for the two Self-employed Income Support Scheme (SEISS) grants. On 12 June HMRC published examples to show when the “adversely affected” criteria for…Read More

CJRS V2 – grant calculations

Courtesy of the Institute of Chartered Accountants in England and Wales (ICAEW) From 1 July the Coronavirus Job Retention Scheme is changing to allow flexible furlough and part-time work. The ICAEW has written a series of example calculations to support organisations making claims. This is based on a simple, but common scenario. CJRS from 1…Read More

Claim for wages through the Coronavirus Job Retention Scheme

Courtesy of HMRC Guidance Claim for 80% of your employee’s wages plus any employer National Insurance and pension contributions, if you have put them on furlough because of coronavirus (COVID-19). Published 20 April 2020 Last updated 12 June 2020 — see all updatesFrom: HM Revenue & Customs Contents What you’ll need How to claim After you’ve claimed Contacting…Read More

COVID-19: Second lump sum for self employed

Courtesy of the Institute of Chartered Accountants in England and Wales (ICAEW) 29 May: The Chancellor has announced a second and final grant to the self-employed who are eligible for the Self-employment Income Support Scheme (SEISS), based on 70% of earnings and capped at £6,570. HMRC has confirmed the same eligibility criteria will be used…Read More

Flexible furlough from 1 July under revised CJRS

Courtesy of the Institute of Chartered Accountants in England and Wales (ICAEW) Flexible furlough from 1 July under revised CJRS 29 May: Changes to the Coronavirus Job Retention Scheme (CJRS) will apply a month earlier than expected. From 1 July the scheme will allow part-time working, but staff must have been furloughed by 10 June…Read More

Coronavirus Job Retention Scheme – recent changes

Courtesy of HMRC On 29‌‌ May, the Chancellor, Rishi Sunak, announced more details about the extension of the Coronavirus Job Retention Scheme (CJRS) and the Self-Employment Income Support Scheme, and we’ve outlined these below for you. Coronavirus Job Retention Scheme The Chancellor has announced three changes to the job retention scheme: From 1‌‌ July 2020,…Read More

BOUNCE BACK LOAN SCHEME BOUNCE BACK LOAN SCHEME – FACTSHEET FOR SMEs

Courtesy of British Business Bank and the Institute of Chartered Accountants in England and Wales (ICAEW) Following the Chancellor of the Exchequer’s announcement, the Bounce Back Loan Scheme is now open for applications. Delivered by lenders accredited by the British Business Bank for this scheme, Bounce Back Loans target small and micro businesses in all…Read More

Government stretches furlough scheme to October

Courtesy of the Institute of Chartered Accountants in England and Wales (ICAEW) Updated 13 May 2020 12 May: The Chancellor has extended the government’s Coronavirus Job Retention Scheme until the end of October and announced the introduction of new ‘part-time’ furlough flexibility from August. Speaking at the Houses of Parliament, Rishi Sunak told MPs that…Read More

SEISS guidance and eligibility checker

Courtesy of The Institute of Chartered Accountants in England and Wales (ICAEW) 4 May: HMRC has updated its guidance on the Self-employment Income Support Scheme (SEISS) which now includes an eligibility checker. HMRC has also started to contact eligible taxpayers. ICAEW guidance on the Self-employment Income Support Scheme (SEISS), developed by the Tax Faculty, can…Read More