Spring 2022 Budget – Key Points National Insurance for Employees From 6 July 2022 the national insurance contributions (NIC) class 1 primary threshold (PT) for employees will be aligned with the income tax personal allowance. The PT will be £242 per week from 6 July (currently £184 per week in 2020/21, rising to £190 per…
Read more → Spring 2022 Budget – Key PointsFourth Self-Employment Income Support Scheme Grant Eligibility for the fourth grant has now been updated to include the figures reported on the 2019/20 Tax Return. Money Saving Expert have provided some useful information on this, which can be found here.
Read more → Fourth Self-Employment Income Support Scheme GrantTaxation of the Self-Employment Income Support Scheme Grant (SEISS) All SEISS amounts received will be subject to income tax and National Insurance contributions and will need to be included on your Tax Return. Croner Taxwise have released some notes providing further detail on this, which we should suggest that you have a read through: https://www.cronertaxwise.com/community/my-vip-tax-team-question-of-the-week-taxation-of-seiss-grants/…
Read more → Taxation of the Self-Employment Income Support Scheme Grant (SEISS)March 2021 Budget Notes The following notes are not intended to be a comprehensive narrative on all of the Budget announcements but rather a summary of the items that we believe may be of value to clients. Please do let us know if you require any clarification or if there are any items that you…
Read more → March 2021 Budget NotesDeferral of VAT Payment If you took advantage of the option to defer any VAT payments due between 20th March 2020 and 30th June 2020 then you will soon need to consider how you are going to settle the liability. If you wish to make payment in full then this will need to be done…
Read more → Deferral of VAT PaymentExtension to the Coronavirus Job Retention Scheme (CJRS) and the Self-Employment Income Support Scheme (SEIS) The following notes have been provided by HMRC: Extension to the Coronavirus Job Retention Scheme Today the Chancellor has announced that CJRS will be extended until the end of March 2021 for all parts of the UK. For claim periods…
Read more → Extension to the Coronavirus Job Retention Scheme (CJRS) and the Self-Employment Income Support Scheme (SEIS)Deferred VAT due between 20 March and 30 June – Further Information It has recently been announced that businesses who deferred VAT due from 20 March to 30 June 2020 will now have the option to pay in smaller payments over a longer period. Instead of paying the full amount by the end of March…
Read more → Deferred VAT due between 20 March and 30 June – Further InformationOverclaimed Furlough Grants and Fraud Penalties Croner TaxWise have released the following notes regarding overclaimed furlough grants: The Government has explained that the following actions constitute an overclaimed furlough grant, and thus could lead to furlough fraud: any amount the employer was not entitled to receive; or any amount the employer is no longer entitled…
Read more → Overclaimed Furlough Grants and Fraud PenaltiesSelf-Employment Income Support Scheme – Second Grant HMRC’s second Self-Employment Income Support Scheme grant is opening for eligible people to claim. This week HMRC are writing to self-employed people who may be eligible. The scheme will open for claims on 17 August and customers have been given a date to make a claim. They can…
Read more → Self-Employment Income Support Scheme – Second GrantHelp and Support for Businesses and Individuals – Update The Chancellor has recently announced the introduction of some new measures to support business and individuals, together with some changes to the existing schemes in place. Coronavirus Job Retention Scheme (CJRS) From 1 July, you can claim a more flexible grant for any employee you…
Read more → Help and Support for Businesses and Individuals – Update
