News
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Claiming the fifth self-employed Income Support Scheme (SEISS) grant
Published by Michael Graves on Tue, 17/08/2021 - 8:32am -
Claiming the fifth self-employed Income Support Scheme (SEISS) grant
Published by Michael Graves on Tue, 17/08/2021 - 8:32am -
The government has published draft Finance Bill clauses
Published by Michael Graves on Tue, 10/08/2021 - 9:45amThe Government has published draft clauses for the next Finance Bill, which broadly cover pre-announced policy changes.
The government is committed, where possible, to publishing most tax legislation in draft for technical consultation before the relevant Finance Bill is laid before Parliament.
The consultation will close on 14 September 2021.
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Consultation launched on self-employed basis period reform
Published by Michael Graves on Tue, 10/08/2021 - 9:44amHMRC has recently launched a consultation on how basis periods can be reformed for income tax for the self-employed.
The consultation seeks to gather views on how best to implement a proposal to simplify the rules under which profits of an unincorporated trading business are allocated to tax years using basis periods. The consultation also includes suggestions regarding transitional rules for moving to the new system.
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800,000 claim tax relief for working from home
Published by Michael Graves on Tue, 20/07/2021 - 9:06amHMRC has confirmed that almost 800,000 employees who have been working from home during the pandemic have already claimed tax relief on household related costs.
The saving is worth up to £125 per year for each employee, and eligible workers can claim the full year's entitlement if they have been told to work from home by their employer, even if it has been for just one day during the tax year.
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440,000 tax credit claimants still to renew their claims
Published by Michael Graves on Tue, 20/07/2021 - 9:03am -
Over 280,000 families now using Tax-Free Childcare
Published by Michael Graves on Tue, 20/07/2021 - 9:00amMore than 282,000 working families used a Tax-Free Childcare (TFC) account during March 2021, according to figures from HMRC.
HMRC stated that it is the highest recorded number of families in any one month since the scheme was launched in April 2017. These families received a share of more than £33 million in government top-up payments for their childcare.
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Schemes create one stop shop for VAT on EU trade
Published by Michael Graves on Tue, 20/07/2021 - 8:57amThree schemes were launched on 1 July to deal with VAT on business-to-consumer supplies of goods and services to EU customers.
They are known as the 'Union', 'non-Union' and 'import' schemes. The schemes are designed to facilitate the collection of VAT by one EU member state, which is then passed on to the member state in which the supply is deemed to take place.
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HMRC launches 13,000 investigations into COVID-19 support schemes
Published by Michael Graves on Tue, 20/07/2021 - 8:55amHMRC has launched nearly 13,000 investigations into alleged abuse of the government's coronavirus (COVID-19) financial support schemes.
A freedom of information request revealed that, up to the end of March 2021, HMRC opened 12,828 investigations into alleged cases of fraud. 7,384 of these investigations related to abuse of the COVID-19 support schemes.