My Latest Blogs
22nd June 2020
COVID-19 – Potential to advance the opportunity to reclaim corporation tax
To reflect the exceptional trading position many companies find themselves in during the Covid-10 pandemic, HMRC has updated its internal guidance regarding companies making claims for repayments of corporation tax based on anticipated losses, and claiming a repayment of corporation tax paid under the quarterly instalments regime. Companies wishing to make such a claim will…
22nd June 2020
COVID-19 – Second Government Grant for the Self Employed
Those eligible under the Self-employment Income Support Scheme (SEISS) will be able to claim a second and final grant in August 2020.The grant will be worth 70% of their average monthly trading profits, paid out in a single instalment covering three months’ worth of profits, and capped at £6,750 in total. The eligibility criteria remain…
22nd June 2020
COVID-19 – Reminder – Deadline for Self Employed to Claim the First SEISS Grant
The deadline for applying for the first grant under the Self Employment Income Support Scheme (SEISS) is 13 July 2020. This grant, which is available to eligible individuals, amounts to 80% of your average monthly trading profits. The grant covers a period of three months and is capped at a maximum of £7500. To find out whether…
16th June 2020
COVID-19 – Update to Scheme for Furloughed Employees
HMRC have issued a policy paper confirming that the Coronavirus Job Retention Scheme (CJRS) for employees that have been furloughed will close on 31 October 2020. The policy paper also outlines the timetable for changes to the scheme over the coming months. The policy paper can be found here: https://www.gov.uk/government/publications/changes-to-the-coronavirus-job-retention-scheme/changes-to-the-coronavirus-job-retention-scheme At Whiting &…
8th June 2020
COVID-19: Implementation of VAT Reverse Charge on Construction Services – Delayed
HMRC has announced that the domestic reverse charge on constructions services, which is due to come into effect on 1 October 2020 has been delayed until 1 March 2021. This will be welcome news as it provides businesses with additional time to prepare for the introduction of these new rules. At Whiting & Partners…
8th June 2020
COVID-19: Missed VAT Deferral – Opportunity to claim refund
In March 2020 HMRC announced that businesses had the option to defer VAT payments falling due between 20 March 2020 and 30 June 2020 until 31 March 2021. An important step in taking advantage of this easement is to cancel your Direct Debit. Where you have failed to do this and your VAT payment has…
19th May 2020
Covid-19 –Statutory Sick Pay Rebate Scheme
The Government have announced that the Statutory Sick Pay Rebate Scheme, which will enable employers with fewer than 250 employees to claim Coronavirus-related Statutory Sick Pay will launch online on 26 May 2020. Employers are eligible to use the scheme if: they’re claiming for an employee who’s eligible for sick pay due to…
7th May 2020
COVID-19 – Temporary Zero Rating of Personal Protective Equipment
HMRC have announced temporary zero rating of personal protective equipment (PPE) recommended for use by Public Health England. This is good news for care homes and others that are incurring significant additional costs on purchasing PPE at the moment but are unable to reclaim VAT. The zero-rating is effect for supplies made between 1 May…
23rd April 2020
COVID-19 – Improving Cash Flow – Coronavirus Job Retention Scheme Claims
HMRC opened the Coronavirus Job Retention Scheme On-line Portal on Monday 20th April 2020, which allows employers to claim the Government Grant in respect of Furloughed employees. As cash flow is a priority, our payroll team is busy helping clients compile and submit claims at the earliest possible opportunity. At Whiting & Partners we…
20th April 2020
COVID-19 – Updated Guidance re Life Events for Salary Sacrifice Arrangements
In light of the COVID-19 Pandemic, HMRC has updated it’s guidance for employers who offer salary sacrifice arrangements. Under the terms of a salary sacrifice arrangement, a ‘life event’ is a permitted reason to break the arrangement mid-term. Previously the list of life events was limited to marriage, divorce, and a partner becoming redundant…