SENDING YOUR FORMS TO COMPANIES HOUSE DURING THE CORONAVIRUS OUTBREAK

  As an emergency response to coronavirus (COVID-19), Companies House has developed a temporary online service to upload a number of completed forms and send them to Companies House digitally. As part of their response to coronavirus, they are currently working new ways to allow users to file documents with them. They have introduced a...

P11D FORMS STILL DUE BY 6th OF JULY

  Despite the coronavirus lockdown HMRC have announced that they will still expect P11d forms reporting expenses and benefits to be submitted by the normal 6 July deadline. Remember that reimbursed expenses no longer need to be reported where they are incurred wholly, exclusively and necessarily in the performance of the employee’s duties. Dispensations from...

CAN WE “FURLOUGH” THE COMPANY CAR?

  During the lockdown period many employees and directors have not been using their company cars and it has been sitting on their driveway. You might think that means that the benefit of having a company car does not apply but unfortunately HMRC do not agree. HMRC have recently confirmed that there continues to be...

SELF-EMPLOYED INCOME SUPPORT GRANTS ALSO EXTENDED

  Sole traders and members of partnerships started making claims under the Self-Employed Income Support Scheme on Wednesday 13 May and many have already received their grant. In order to be eligible your self-employed profits in 2018/19 must not exceed £50,000 and must be more than 50% of your total income. If that test is...

JOB RETENTION “FURLOUGH” SCHEME EXTENDED TO OCTOBER

  Chancellor Rishi Sunak announced on 12 May that the CJRS scheme will be extended until the end of October. The scheme will continue in its current form until the end of July with the Government paying 80% of employees wages up to £2,500 a month. For accounts purposes the amounts received should be credited...

TAX CREDITS CUSTOMERS WILL CONTINUE TO RECEIVE PAYMENTS EVEN IF WORKING FEWER HOURS DUE TO COVID-19

  The government has confirmed that people who cannot work their normal hours because of coronavirus (COVID-19) will still receive their usual tax credits payments. Those working reduced hours due to coronavirus or those being furloughed by their employer will not have their tax credits payments affected if they are still employed or self-employed. These...

CORONAVIRUS: MOTs DUE FROM 30 MARCH 2020

  Car MOTs during Coronavirus Your car, van or motorcycle’s MOT expiry date will be extended by 6 months if it is due on or after 30 March 2020 – but you must keep your vehicle safe to drive. The Driver and Vehicle Licensing Agency (DVLA) has confirmed that MOT expiry dates will be extended...

NEW SYSTEM FOR REPORTING CGT ON PROPERTY DISPOSAL STARTED 6 APRIL 2020

  A new system for reporting CGT on property disposal and payment on account was introduced for residential property disposals by UK resident taxpayers from 6 April 2020.   The new system as originally announced required the disposal to be reported and any CGT on the disposal to be paid on account within 30 days...

CGT PRIVATE RESIDENCE RELIEF CHANGES GO AHEAD

  The latest Finance Bill includes important changes to CGT private residence relief that took effect from 6 April 2020. The first change is to limit to just 9 months the period prior to disposal that counts as a period of deemed occupation and thus exempt from CGT even though the owners are not living...

COVID-19 IMPACT ON THE HIGH-INCOME CHILD BENEFIT CHARGE

  Lower levels of income might change the position of some families normally liable for the high-income child benefit charge… With many employees and the self-employed being furloughed, being made redundant or making lower profits their income for 2020/21 may well fall below the £50,000 limit at which child benefit starts being taxed. The charge...