HMRC has changed its guidance on the VAT treatment of supplies of digital advertising to charities following extensive discussions led by the Charity Tax Group. They have announced that the zero rate of VAT is applicable to a range of digital advertising services when supplied to charities. There is a zero-rate of VAT for certain […]
Category Archives: HMRC News
Business News, HMRC News, Payroll, Tax Investigation
Furlough Scheme Claims: HMRC found fraud and errors
09
Sep
Sep
HMRC has revealed that they may have paid almost £3.5 billion in furlough scheme money on fraudulent or wrong claims. That means CJRS payments have been claimed fraudulently or paid out in error. The tax authority told MPs on the Public Accounts Committee it estimates that they have awarded 5-10% of furlough cash mistakenly. Latest […]
04
Sep
Sep
The UK government’s £2 billion Kickstart Scheme is now open for employer applications. Chancellor Rishi Sunak announced the scheme as part of the Plan for Jobs in July Summer Economic Update. The Kickstart Scheme aims to create work placements for young people. Moreover for those who are at risk of becoming unemployed for the long-term. […]
Capital Gain Tax, Coronavirus News, HMRC News, Income Tax, Uncategorized
UK Tax rises: Pay the cost of COVID-19
03
Sep
Sep
The leading economists have warned that the UK will likely face “substantial” tax rises in the coming years, as the government seeks to pay for the cost of its COVID-19 response and public services. Some top economists told parliament’s Treasury Select Committee on Tuesday that tax rises were likely, although they said increases would likely […]
Business News, Coronavirus News, Corporation Tax, HMRC News, Income Tax
Repayments of Corporation Tax: Updated Guidance
28
Aug
Aug
HMRC have issued an update to their guidance on repayments of corporation tax. They have now acknowledged that, in exceptional circumstances, claims for repayments of corporation tax for prior periods based on anticipated losses before the current accounting period has concluded will be considered. Angela Clegg, technical manager in the ICAEW tax faculty, which had raised […]
25
Aug
Aug
Uk government approves an additional £20 million for Small Businesses of UK are to help them recover from (COVID-19) pandemic. The government recently announced that small and medium-sized businesses will have access to grants of between £1,000 and £5,000. So, the grants will help them recover from the effects of the pandemic. Further, the funding […]
Business News, HMRC News, Loan Schemes, Our Blog
Self-Employment Income Support: Claim a second payment
17
Aug
Aug
The second stage of Self Employment Income Support Scheme (SEISS) opens for applications today. Under the scheme, the government pays self-employed individuals a taxable grant based on an average of their earnings over the past three years. The businesses eligible will receive a government grant worth up to £6,570. Over 2.7 million people have benefitted […]
12
Aug
Aug
Office for National Statistics (ONS) has revealed that Coronavirus lockdown measures have pushed the UK economy into recession. These measures were introduced as a result of the coronavirus (COVID-19) pandemic. The economy shrank by 20.4% in the second quarter of 2020. Construction and factory output slowed as the lockdown took effect and household spending […]
Coronavirus News, HMRC News, Loan Schemes, Payroll, Uncategorized
Overclaimed grants and penalties: CJRS Covid-19 update
09
Aug
Aug
The Institute of Chartered Accountants in England and Wales (ICAEW) has warned taxpayers that they have 90 days to notify HMRC of overclaimed coronavirus (COVID-19) grants. The 90-day period to inform HMRC of any overclaimed amounts is now law. Finance Act 2020 recently received Royal Assent, which confirms the taxability of the Coronavirus Job Retention […]
09
Aug
Aug
The government has further extended Tax-Free Childcare (TFC) scheme to 31 October 2020. The scheme applies to the parents who may have fallen below the minimum income requirement as a result of the coronavirus (COVID-19) pandemic. The Government’s Tax-Free Childcare scheme offers up to £2,000 a year per child towards childcare costs. However, only a […]