Here is some information we think may be useful:
Job Retention Scheme
The government pay scheme for workers who have downed tools but remain employed has been extended. The wage subsidy would be available for another month until the end of June.
The chancellor said the salary scheme would be extended again “if necessary”.
HMRC suspends enquiries into taxpayers
HMRC is writing to taxpayers under enquiry acknowledging that during the current lockdown they are being instructed not to request information or to press for responses.
The exception is where HMRC assessing time limits are about to expire or where HMRC are concerned about the solvency of a taxpayer.
However, it may be wise, for those whose activities are currently curtailed, to use the time they have now to deal with HMRC rather than store up problems for the future. After all, if tax is due – it is still going to be due when we come out of this.
It is also a good opportunity for businesses to make sure their house is in order, particularly for those who are taking advantage of the job retention scheme (JRS). It is vital for businesses to ensure that they correctly document and evidence any claims that they make in respect of their furloughed employees, if they wish to avoid any future audit challenges from HMRC in respect of these claims.
Businesses claiming JRS support should retain an assessment showing the impact of coronavirus on the business and how this justifies the furloughing of staff; clear calculations backing up the amount being claimed under the JRS; and an agreement between the employer and employee backing up the furlough arrangements.
Companies which fail to document their claims risk having to refund the money in future, (plus potentially interest and penalties), if they are unable to defend the amounts being claimed today.
Updated guidance on coronavirus self-employed income support scheme (SEISS)
HMRC makes it clear that the online service should be available from early June and that they will contact those eligible, hopefully by mid-May. Taxpayers are asked not to contact HMRC. Further guidance will be released in due course.