Making Tax Digital soft landing extended for a year
The requirement to submit VAT returns to HMRC using Making Tax Digital (MTD) compatible software became mandatory in 2019. For most VAT registered entities, this took effect from the first VAT return period beginning on or after 1 April 2019. From April 2019 once those mandated to comply with VAT MTD entered accounting data into […]
COVID 19: Deferral of tax payments
If you’re the owner of a UK business or self-employed worker in financial difficulties due to outstanding tax payments as a result of Covid-19, HMRC has scaled up the Time to Pay service. Payments of VAT for the period from 20 March 2020 until 30 June 2020 may be deferred until April 2021, regardless of […]
What do you need to know about the self-employment income support scheme?
The self-employment income support aims to provide relief and financial assistance to those self-employed individuals whose earnings are most likely to be negatively affected by the coronavirus. You also need to know that any payment received through this scheme will be subject to Income Tax and National Insurance (NI) as they are a substitute for […]
COVID-19: Statutory Sick Pay Rebate Scheme.
At the Budget 2020 the Chancellor announced details about a new coronavirus (COVID-19) Statutory Sick Pay Rebate Scheme. This scheme will allow small and medium sized employers, with fewer than 250 employees, to apply to HMRC to recover the costs of paying Statutory Sick Pay to their employees. Today HMRC has published new online guidance […]
Coronavirus Job Retention Scheme – What are furloughed workers?
Under the Coronavirus Job Retention Scheme, all employers in the UK will be able to access support to continue paying part of employees’ salaries who would otherwise have been laid off during the ongoing health crisis. Furloughed workers are those whose employers cannot cover staff costs due to coronavirus, and as such they have been […]
MAJOR ECONOMIC MEASURES TO HELP BUSINESSES AND INDIVIDUALS TO DEAL WITH THE CORONA VIRUS CRISIS
Chancellor Rishi Sunak has announced some major economic measures to help businesses and individuals deal with the Corona Virus crisis. We have set out below the headlines of what was said including links to relevant articles, help sheets and support lines. Please note that some of the HMRC/Government portals have not yet been updated. We […]
Pensions for Olim: The impact of the new tax treaty between Israel and the United Kingdom
As part of the Israeli Ministry of Finance’s policy to sign new tax treaties with central governments of countries that are members of the OECD, a new treaty was signed last year between Israel and England in order to avoid double taxing. The original treaty was signed in 1962 and had not been amended since […]
HOW TO GET MORE FROM EIS (KNOWLEDGE INTENSIVE COMPANIES)
EIS offers investors in qualifying companies a range of generous tax benefits, including income tax relief, loss relief and exemption from capital gains tax. To encourage long-term investment, the shares must be held onto for a minimum length of time, typically three years, before the tax reliefs can be claimed. Normally, companies can raise up […]
New EU VAT rules for E-commerce Traders
If your business sells goods online to customers based in the EU, there are big changes to VAT which you need to be aware of. These changes will affect businesses that are located in- and outside an EU country. The coming changes focus on cross-border e-commerce B2C transactions, such as any online sales of clothes, […]
TAX RETURN DEADLINES FOR THE COMING YEAR
Figures from HM Revenue & Customs (HMRC) show that over 2M people have completed their tax returns online so far in January 2020, 17.4% of the current annual total with more than 3M customers still to file. The deadline for completing the tax returns online is 11.59pm on 31 January, and those who miss it […]