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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…
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…
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…
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 &…
Coronavirus Job Retention Scheme Changes
Urgent reminder that tomorrow (10th June) is the last day you can begin an employee on furlough for the first time, for the 3 weeks minimum on this first scheme. This is very important because if they are ever likely to want to furlough any employee from 1st July to 31st October on the ‘new’…
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…
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…
Charity Commission: Reporting on matters of material significance
The Charity Commission released updated guidelines in April 2020 for auditors and independent examiners. This was based around the statutory duty to report to the charity regulators in the UK on matters of material significance. The three main changes in this updated guidance are as follows: confirmation that difficulties in carrying out an audit…
HMRC Furlough Claim Update 29th May 2020
From 1st July, whilst still appreciating the benefits of the Furlough Scheme, employers will be able to benefit from the option of bringing employees back to work on a part time basis. This is one month earlier than had previously been announced. Whilst working, employers will be required to pay their employees at their…
Dividend update
It is common practice for director/shareholders to be paid a modest salary through PAYE and pay the balance of their remuneration in dividends. This of course is perfectly permissible if the company has profits available to distribute to shareholders and there is no breach of directors’ duty. Unfortunately, the dramatic effect that the Coronavirus is…