The latest Tax News, VAT News, HMRC News and Fee Protection Insurance News from the experts at Vantage Fee Protect.
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Reasonable Excuse – Recent Development
The recent case of Belloul v HMRC provides an interesting view on the concept of the definition of “reasonable excuse” for tax purposes. Penalties The case related to HMRCs ability to charge penalties for the taxpayers’ failure to notify them about their liability to the High Income Child Benefit Charge (HICBC) dating back several years.…
MTD for ALL VAT registered businesses
On 21 July 2020 HMRC updated previously published guidance on MTD to confirm that from 1 April 2022 ALL businesses that are registered for VAT will be required to maintain records on and submit VAT return using MTD compliant software. Links to this revised guidance are below but HMRC have yet to update or amend…
Temporary VAT Rate Change in Hospitality and Tourism
Following the easing of the Covid-19 lockdown for businesses in the hospitality and tourism industries and in an attempt to stimulate a recovery in those businesses the Chancellor has recently announced that VAT on certain supplies of foods and drink, accommodation, or admission to attractions would temporarily be reduced from 20% to 5%, applying to…
Temporary reduction in the VAT rate
Temporary reduction in the VAT rate for hospitality businesses The Chancellor has today announced further measures to assist with job retention and to help stimulate business and the economy as business begin to open up after the Covid-19 lockdown. To help businesses in the tourism and hospitality industries VAT will be temporarily reduced from 20%…
Temporary Changes to SDLT
Yesterday the Chancellor announced a temporary change in the Stamp Duty Land Tax (“SDLT”) thresholds. The changes apply to all properties purchased and new leases granted between 8 July 2020 and 31 March 2021 in England and Northern Ireland. The 0% bracket has been extended from a cap of £125,000 to £500,000. This will result…
The End of VAT Deferral
VAT Deferral Scheme Many businesses will have taken advantage of the Governments VAT Deferral scheme which allowed a business to defer until 31/3/2021, without penalty, the VAT due to be paid on VAT returns with a due date ending between 20 March 2020 and 30 June 2020; essentially payments due for the quarterly VAT returns…
Covid-19: Flexible Furlough
Coronavirus Job Retention Scheme Late on Friday evening (12 June 2020) HMRC announced more details relating to the changes to the Coronavirus Job Retention Scheme (“CJRS”) which will apply from1 July 2020. The main change was confirmation that the CJRS will close on 31 October 2020. Flexible Furlough Changes HMRC had previously announced that from…
Coronavirus: Job Retention Scheme Update
The Chancellor has announced three changes to the job retention scheme: From 1 July 2020, the scheme will be made more flexible to enable employers to bring previously furloughed employees back part time and still receive a grant for the time when they are not working. From 1 August 2020, employers will have to start…
HMRC, the calm before the storm …
As you would expect there has been a reduction in HMRC activity since the lockdown period commenced back in March. As with most industries HMRC are in the main working from home and are avoiding all customer facing compliance work, with taxpayers given extensions or the option to suspend compliance work. Despite this compliance works…
Coronavirus Job Retention Scheme Update
Deadline announced for May 2020 claims It’s nearly a month since the Coronavirus Job Retention Scheme (CJRS) opened and many businesses will be preparing to make another claim in order to receive money by the end of May. To ensure you receive a payment by the end of May, you need to apply by Wednesday…
Coronavirus: Job Retention Scheme Extension
Breaking News: Coronavirus Job Retention Scheme Extended by 4 Months to end of October 2020 In an announcement on 12 May 2020, Chancellor Rishi Sunak announced that the CJRS will be extended by a further 4 months to the end of October 2020. The scheme which has been in place since March 2020 was initially…
Employment Allowance Changes
From 6 April 2020 eligibility rules for claiming the Employment Allowance (“EA”) will change. EA should be claimed through the Employer Payment Summary (“EPS”) in RTI, but claims will not renew, and a new claim will need to be made each year. Two new conditions apply from 6th April 2020. These involve the level of…
COVID19: Self-Employed Income Support Scheme
One of the measures introduced by the Government as support during the COVID-19 pandemic is support for the self-employed. There is no need to identify as a potential claimant as HMRC will use the information currently held and contact anybody considered to be eligible. The whole process will be by and online service. This service…
Update: Coronavirus Job Retention Scheme
HMRC have announced an intended launch date for the Job Retention Scheme portal of 20 April 2020. So, now whilst a lot of employers will have undertaken the legal requirements of furloughing employees and negotiating salary deductions where necessary to help support their business during the lock down, now is the time to get prepared…
Update: Coronavirus – Job Retention Scheme
Further to our recent publications, HMRC have now confirmed their positions on both Office Holders and Company Directors and the eligibility to claim under the Job Retention Scheme. The guidance follows the recent interpretations by the CBI and the ICAEW that where there is a definitive separation of duties between those required for statutory purposes…
COVID-19 Statutory Self-Employment Pay Scheme
On 26 March 2020, the Chancellor announced the following new measures to help self-employed businesses through the current Coronavirus pandemic. The scheme is intended to allow those individuals who are self-employed claim a taxable grant of up to 80% of their trading profits up to a maximum of £2,500 per month for the next three…
Update: Coronavirus – Job Retention Scheme
Whilst there has been no official announcement from HM Treasury on the how the Job Retention Scheme is going to work, the Institute of Chartered Accountants for England and Wales (“ICAEW”) have now published their understanding on how the scheme will be applied. They stipulate – and we must reiterate this point – that this…
Coronavirus update – Deferment of July 2020 Payment on Account
HM Treasury have recently released an update on the option for a taxpayer to defer their second Self-Assessment Payment on Account which would usually be due by 31 July 2020. What is it? The Self- Assessment payment on account, that is ordinarily due to be paid to HMRC by 31 July 2020 may now be…
Updated: UK VAT Deferral
Last week the Chancellor of the Exchequer announced that there will be a deferral of VAT due to be paid between 20 March 2020 until 30 June 2020, see here. This essentially means that businesses will automatically qualify to defer payment of the VAT due on their VAT returns for the VAT periods ending February,…
Coronavirus – Job Retention Scheme
On Friday 20 March, the Chancellor announced an intervention to protect the jobs of those facing likely redundancy as a result of the impact Coronavirus is having on the UK. The unprecedented intervention from the Government was initially thought to cover only those business forced to shut by the various restrictions that have been implemented…
Coronavirus: UK VAT Deferral
Last week the Chancellor of the Exchequer announced that there will be a deferral of VAT due to be paid between 20 March 2020 until 30 June 2020, see here: https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses This essentially means that businesses will automatically qualify to defer payment of the VAT due on their VAT returns for the VAT periods ending…
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