LITRG has alerted self-employed individuals that the government’s coronavirus (COVID-19) Self-employment Income Support Scheme (SEISS) is taxable. The Low Incomes Tax Reform Group (LITRG) is concerned that many may wrongly assume that the SEISS funds are exempt from tax, particularly as they are termed ‘grants’ by the government. It is warning that many people may...
The UK economy fell by 20.4% in April due to coronavirus (COVID-19) lockdown. The lockdown has paralysed business activity, according to the Office for National Statistics (ONS). The record decline in Gross Domestic Product (GDP) completely eclipsed the previous record contraction of 5.8%, which ONS recorded in March. The services sector fell by 19.0% in...
HMRC has announced a five-month delay to the introduction of the domestic reverse charge for construction services, due to the impact of the coronavirus pandemic on the construction sector. The VAT change will not now apply until 1 March 2021. A domestic reverse charge means the UK customer who gets supplies of construction services must...
Chancellor Rishi Sunak has announced changes to the government’s Job Retention Scheme (JRS). The changes to the scheme will gradually wind down over the next few months. The changes mean businesses will be able to bring furloughed employees back on a part-time basis from 1 July. Furloughed staff will continue to get 80% of...
The Federation of Small Businesses (FSB) has urged the government to supply company directors with additional support during the coronavirus (COVID-19) pandemic. The FSB has recently written a letter to Small Business Minister Paul Scully. The letter highlighted that self-employed company directors do not have access to the government’s Self-employment Income Support Scheme...
The government has announced temporary changes to its Tax-Free Childcare (TFC) scheme as a result of the coronavirus (COVID-19) pandemic. The changes to the rules affect parents applying for, or already getting, tax-free childcare or 30 hours free childcare. Individuals whose earnings are now below the normal minimum income requirement but would normally expect...
The Coronavirus Job Retention Scheme will remain open until the end of October, the Chancellor announced on Tuesday 12 May. Chancellor Rishi Sunak has extended the Coronavirus Job Retention Scheme (JRS) until the end of October. Mr Sunak confirmed that employees will continue to receive 80% of their monthly wages up to £2,500. However, the...
The government should compel online marketplaces to collect and remit VAT, according to the Association of Accounting Technicians (AAT). The AAT was responding to ‘Claims and Elections Review’ call for evidence published by the Office of Tax Simplification (OTS). It said the move would help combat online VAT fraud and create a level playing...
UK Finance has warned small businesses to consider their ability to repay a Bounce Back Loan before taking one out. They warned businesses after the publication of Treasury figures highlighting the popularity of the Bounce Back Loan Scheme. The scheme allows small businesses to apply for up to £50,000, with the government guaranteeing 100%...
The government has announced a 100% government-backed Bounce Back Loan Scheme for small business to help them make it through the coronavirus outbreak. What does the new Small Business Bounce Back Loan actually mean for small businesses? Chancellor Rishi Sunak announced a new government-backed loan to support small businesses on Monday 27th April. The...
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Birmingham: 9 Sheaf Lane, Coventry Road, Birmingham
London: Suite 2462, Unit 3A,34-35 Hatton Garden,London, EC1N 8DX
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Birmingham: 0121 7268 542
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Bradford: 44 7515 029751
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