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MTD for VAT to be extended to all VAT registered businesses in 2022
MTD for VAT to be extended to all VAT registered businesses in 2022 Since 2019, the majority of VAT-registered businesses with a taxable turnover above the threshold (£85,000) have been mandated to keep digital VAT records and send returns using Making Tax Digital...
Overclaimed furlough grants
The calculation of Coronavirus Job Retention Scheme grants has proven to be complex, particularly as HMRC frequently changed the rules. As a result, many errors have arisen. The latest Finance Act requires employers to notify HMRC within 90 days where it turns out...
Covid-19: New grants to help SMEs recover
In July, the government announced further help for small businesses by offering a £20 million grant fund to aid recovery. Grants of between £1,000 - £5,000 are to be given to businesses to allow them to access new technology/equipment as well as professional advice...
Main tax events for September/October 2020
Date What’s Due 1 September Corporation tax for year to 30/11/19 unless pay by quarterly instalments 19 September PAYE & NIC deductions, and CIS return and tax, for month to 5/9/20 (due 22 September if you pay electronically) 1 October Corporation tax for...
Changes to Coronavirus Job Retention Scheme.
From 1 September HMRC will now only pay 70% of usual wages up to a cap of £2,187.50 per month for the hours furloughed employees do not work. You now must: continue to pay your furloughed employees at least 80% of their usual wages for the hours they do not work, up...
Covid-19: grant updates
Second SEISS opens as more than two million miss out The government recently launched the second wave of its Self-Employment Income Support Scheme (SEISS), worth up to £6,570 for those eligible. However, the government has been asked to reopen and extend the scheme...
COVID-19: CJRS Reminder
This is simply a reminder about changes to the Coronavirus Job Retention Scheme (CJRS) from 1 September From 1 September CJRS will pay 70% of usual wages up to £2,187.50 per month for the hours furloughed employees do not work. You will still need to pay your...
Job Retention Bonus
Employers can claim a one-off payment of £1,000 for each employee they have previously received a grant for under the Coronavirus Job Retention Scheme (CJRS), and who remains continuously employed through to the end of January 2021. To qualify, the employee must...
The spectre of the return of HMRC preferential status
HMRC previously held preferential status up to the implementation of the Enterprise Act in 2003. Then in 2018, the then Chancellor, Philip Hammond announced in his October budget that preferential status would return. After some delay, the Finance Bill has now had...
Job Retention Bonus
Employers will be able to claim a one-off payment of £1,000 for every employee they have previously received a grant for under the Coronavirus Job Retention Scheme (CJRS), and who remains continuously employed through to the end of January 2021. To be eligible, the...
August/September key tax dates
Date What’s Due 1/08 Corporation tax for year to 31/10/19 (unless pay quarterly) 19/08 PAYE & NIC deductions, and CIS return and tax, for month to 5/8/20 (due 22/08 if you pay electronically) 1/09 Corporation tax for year to 30/11/19 (unless pay quarterly)...
Essential tax dates for August
2 August Deadline for submitting P46(Car) for employees whose car/fuel benefits changed during this quarter to 5 July 2020. 19 August PAYE, Student loan and CIS deductions are due for the month to 5 August 2020.
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Middleton Accountancy Services
211 Manchester New Road
Alkrington
Middleton
Manchester
M24 1JT
