HM Revenue & Customs has published new guidance for those who self-employed or a member of a partnership and having a new child affected their trading profits or total income reported for the 2018/19 tax year and it affected their entitlement to the Self Employed Income Support Scheme (SEISS).
In an attempt to kickstart the hospitality industry following the decline in customer numbers the Government has decided to incentivise the public to eat with the "Eat Out to Help Out" Scheme which offers a discount to diners eating and drinking in registered restaurants.
Chancellor Rishi Sunak gave his "Summer Statement" yesterday setting out his ‘Plan for Jobs’ in an attempt to spur the UK’s recovery from the Coronavirus outbreak. The Chancellor’s plan is designed to support jobs by focussing on skills and young people, create jobs with investment in shovel-ready projects and greening our infrastructure, and protect jobs through a VAT cut for the hospitality sector and a landmark "Eat Out to Help Out" discount scheme for diners.
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.