Making Tax Digital (MTD) is set to expand to all VAT-registered businesses from April 2022, the Treasury has announced. Since April 2019, VAT-registered traders with annual taxable turnover above £85,000 have been submitting VAT returns through MTD, while other firms have been able to submit VAT returns voluntarily. From April 2023, the Treasury expects MTD … Continued
Employees who opted out of their workplace pension due to COVID-19 should be encouraged back into saving sooner than auto-enrolment rules would usually allow, a Government committee has said. Under current auto-enrolment rules, employees aged between 22 and state pension age who earn more than £10,000 a year are automatically enrolled into a workplace pension … Continued
The second and final round of grants under the self-employed income support scheme (SEISS) opened this month, offering a smaller lump sum grant. From 17 August 2020, self-employed individuals who meet the scheme requirements will be able to access HMRC’s online service and claim up to £6,570 to cover three months’ worth of profits. This … Continued
The Government has called for a comprehensive review of the capital gains tax system. Chancellor Rishi Sunak has commissioned the Office for Tax Simplification (OTS) to review how asset sales are taxed. Capital gains tax applies on the sales of assets such as second homes, stocks and shares, most personal possessions, and business assets. The … Continued
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What to expect from tax probes in 2020/21. After temporarily pausing tax investigations as COVID-19 business support measures rolled out earlier this year, HMRC has restarted probes into businesses and individuals’ tax affairs. The Revenue has also started to direct its attention towards the misuse of coronavirus support schemes, such as the furlough scheme and … Continued
Please find attached our summary of Rishi Sunak’s speech yesterday. We hope you find the summary interesting and if you want to talk through any of the detail please get in touch.
Recipients of self-employed income support grants may not realise they are taxable, a tax group has warned. The grants are worth up to 80% of trading profits, paid in a lump sum to cover three months, and capped at £7,500. More than 2.6 million lump sums worth £7.6 billion had been provided through the scheme … Continued
Only employees who have been furloughed for at least three weeks on or before 30 June 2020 are eligible for the final phase of the scheme. Employers had until 10 June 2020 to place any workers on the job retention scheme if they wanted to take advantage of it until 31 October 2020. Jeremy Coker, … Continued
The domestic reverse VAT charge for construction services has been delayed until 1 March 2021. The way VAT is collected in the building and construction industry was originally due to change from 1 October 2019. Less than a month before it was due to kick in, the change was put on hold for 12 months … Continued