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17 June 2020

The Coronavirus Job Retention Scheme (CJRS) also known as the furlough scheme has been extended until 31 October 2020. There are a number of important changes to the way the scheme works starting from 1 July 2020, when employers can bring back furloughed employees to work part-time, for any amount of time and any shift pattern. One of the specified changes is that the final date employers...

17 June 2020

There are a number of tax reliefs available for self-employed taxpayers that make a loss carrying on their trade, profession or vocation (collectively referred to as a ‘trade’) and for their share of trading losses in any partnerships.


For the 2019-20 tax year, trade losses can be relieved in a number of ways. This includes the following:



  • By using the...
17 June 2020

Corporation Tax relief may be available where a company or organisation makes a trading loss. The loss may be used to claim relief from Corporation Tax by offsetting the loss against other gains or profits of the business in the same or accounting period.

Where the amount of a trading loss exceeds the profits of the same accounting period, the company may claim to carry back the excess...

17 June 2020

HMRC has released the latest bi-monthly issue of the 'Agent Update' publication which includes summaries of recent changes and updates that have been announced. The document which is aimed at taxation and accountancy practitioners includes links to more detailed information on each of the topics covered.

The topics covered in the latest edition include the following:

  • COVID-...
17 June 2020

The UK has confirmed that it will neither accept nor seek any extension to the Brexit transition period which expires on 31 December 2020. The EU has formally accepted this position. With just over six months to go before the end of the transition period there remains a lot of work to be done if agreement is to be reached. This move could result in the possibility of a no-deal Brexit.

...

16 June 2020

While our businesses have been able to maintain or increase profits there has been an unwritten acceptance that we will pay for current taxes out of future cash resources.

For example, if you are self-employed, payments on account for self-assessment taxes on current income are made two months before the end of each tax year and four months after the end of each tax year. And if...

16 June 2020

Last week, we considered one of the issues that employers will likely need to consider in the coming weeks and months: productivity.

This week we have listed other factors that you may need to consider if you presently have staff furloughed under the Coronavirus Job Retention Scheme (CJRS).

From 1 July, it is possible for furloughed staff to return to part-time work. From 1...

14 June 2020

We reported late last month on the extension of the Coronavirus Job Retention Scheme to 31 October 2020 following the announcement by the Chancellor, Rishi Sunak. At the time, the Chancellor confirmed that further guidance on the workings of the amended scheme, which allows for flexible furloughing from 1 July, would be published on 12 June. This revised guidance has now been published.

...
10 June 2020

HM Treasury has published its weekly update (to close of business on 7 June 2020) on COVID-19 lending schemes designed to support businesses impacted by the pandemic.

Under the Coronavirus Business Interruption Loan Scheme (CBILS), 47,650 businesses have received funding so far, with lenders approving £9.56 billion. This was an increase of £640 million of funding to 1,807 businesses...

10 June 2020

The VAT bad debt relief rules allow businesses to claim bad debt relief and reclaim the VAT they have paid to HMRC. This can happen when an invoice has been issued to a customer and no payment has been received after an extended period of time (usually 6 months after the due date) has elapsed.

Under the normal VAT accounting rules, a business supplying goods or services usually accounts...

10 June 2020

Two separate £1,000 tax allowances for property and trading income were introduced in April 2017. If you have both types of income highlighted below then you can claim a £1,000 allowance for each.

The £1,000 exemptions from tax apply to:

  • If you make up to £1,000 from self-employment, casual services or hiring personal equipment. This is known as the trading allowance.
  • ...
10 June 2020

As our readers will be aware, the Coronavirus Job Retention Scheme (CJRS), has been extended until 31 October 2020. There are a number of important changes to the way the scheme works that will start to come into effect from 1 July 2020, when employers can bring back furloughed employees to work part-time, for any amount of time and any shift pattern.

For any periods starting on or...

10 June 2020

Dictionary definitions of the word profit tend to include such synonyms as “advantage”, “financial gain” and “financial advantage”.

Longer explanations might say: the difference between the amount earned and the amount spent in buying, operating, or producing something. 

All true to some degree.

A wider definition might include that profits facilitate economic growth if...

10 June 2020

HMRC’s guidance makes it clear that any business that makes an error in making a Coronavirus Job Retention Scheme (CJRS) claim must pay back any amount over-claimed. Any claims based on inaccurate information can be recovered by HMRC.

The CJRS application claim form has been updated and now allows businesses to advise HMRC if they have identified previous errors and over-claimed. If you...

10 June 2020

The deadline for submitting the 2019-20 forms P11D, P11D(b) and P9D is 6 July 2020. Employees must also be provided with a copy of their P11D by the same date.

Employers pay Class 1A National Insurance contributions on most benefits. If you provided taxable benefits to staff or directors your business is likely to have a Class 1A employers’ NIC liability. The deadline for paying class...

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