HM Revenue & Customs have announced that after a brief hiatus, owing to the Coronavirus, they will be resuming investigations into business and personal taxes. Pressure will undoubtedly be applied on HMRC to deal with fraud and underpayments of tax as a matter of urgency.
HM Revenue & Customs have now updated their guidance on the Coronavirus Job Retention Scheme changes coming into effect from July 2020. The changes include the introduction of flexible furlough working and details of how employers will be required to contribute more towards furloughed employee costs.
On 5 June HMRC issued a notice stating that the introduction of the Domestic Reverse Charge VAT for Construction Services, which was due to be introduced on 1 October 2020, will now be delayed for the second time until 1 March 2021.
On 29 May the Chancellor announced more information on the extension of the Coronavirus Job Retention Scheme (CJRS) and the Self-Employment Income Support Scheme. Here is a brief summary of those changes.
One of the most widely discussed subjects in relation to jobs and the UK economy right now is the Job Retention Scheme (furlough), recently announced by the UK government.
HMRC have announced a one-year extension of the soft landing period for Making Tax Digital for VAT. If you have two or more software products that help calculate your VAT they should be digitally linked. The soft landing period where the data may be manually transferred has been extended to 1 April 2021.
Changes to capital gains tax rules will be introduced from 6 April 2020 for all residential property owners.
Last Christmas, HMRC gave employers a temporary easement on reporting payroll information in real time, this year to save us from tears, they’ve given it to us again!