Weekly update 18 June 2021 Welcome to the latest edition of our weekly update. This week, we have rounded up a number of news stories across SME schemes, employer updates, Covid support grants and pensions. Furlough updates Chancellor Rishi Sunak has rejected calls for an extension to the furlough scheme and business rates relief, despite…
Tax year may move from 5 April In a surprise move, the Office of Tax Simplification (OTS) has announced that it is reviewing the pros and cons of moving the current tax year end to 31 December or 31 March This is a provisional scoping exercise to consider the benefits, costs and wider implications…
Furlough & rates relief extension rejected despite “Freedom day” delay Initially set as 21 June, Boris Johnson confirmed on 14 June, that due to the rising number of cases of the new Delta variant of the coronavirus, ‘freedom delay’ has been delayed until 19 July 2021. But with national unlocking now scheduled for July 19,…
IR35- 2nd appeal lost for £70k tax A Nationwide IT contractor has lost his second appeal in an IR35 tax case against a £70,000 tax bill for work conducted at the bank and building society. Robert Lee, an IT contractor who project managed for Nationwide Building Society through his company Northern Lights Solutions Ltd…
Furlough & self employed grant Fraud: HMRC to recover £1bn Table of Contents Which support measures will be covered by HMRC taskforce? HMRC will be carrying out a random enquiry programme into claims made through the furlough scheme, the self-employed income support scheme, and the eat out to help out scheme over the next few…
First Homes Scheme – 30% discount on properties Discounted homes for key workers and local residents will now be available as government launches First Homes scheme providing 30% discounts for first time buyers The first properties available for sale as part of the scheme are in the Bolsover district, East Midlands. The government said ‘the…
G7 Finance Ministers agree 15% Global Tax agreement The G7 has agreed to back an international agreement on global tax reform which would see multinationals pay a global minimum tax rate of at least 15% in each country they operate Ministers also agreed to introduce rules to make climate reporting mandatory, and agreed measures to…
VAT on online service & digital platforms For the uninitiated, OnlyFans is an online content-sharing subscription service based in the UK. It allows individuals (“fans”) to follow “content creators” to receive articles, photographs and videos. The VAT queries have mainly centred upon agency/principal and place of supply. As ever with agency/principal issues the key is…
Claiming Furlough if your deadline is missed HMRC has confirmed the information required for companies that have missed the Coronavirus Job Retention Scheme and still want to make claims until the scheme ends on 30 September 2021 Claims for furlough days in May 2021 must be made by 14 June 2021. If you have missed…
Furlough & self employed grant report As the pandemic continues to affect the self employed the latest HMRC figures show that a total of £4.7bn has been paid out in grants for the fourth self employment income support scheme (SEISS) Meanwhile, 3.4 million people are still on furlough with 35% of employers using the…
5th Self Employed Grant HMRC has confirmed that a fifth self employment income support scheme (SEISS) will be available from the end of July covering the period May to September 2021 for those affected by the pandemic The grant is taxable and will be paid out in a single instalment. Guidance for claiming the grant…
Weekly update 4 June 2021 Welcome to the latest edition of our weekly update. This week, we have rounded up a number of news stories across SME schemes, employer updates, Covid support grants and pensions. Cash boost for apprenticeships launched Employers of all sizes in England can now apply for extra funding to help them…
