Making Tax Digital update HMRC have released a Making Tax Digital (MTD) Update, releasing revised proposed dates for its full implementation. They have released details on their 10 year strategy here. What is Making Tax Digital? Making Tax Digital is HMRC initiative to move businesses to keeping digital records and to report their financial information…
Self Employment Income Support Scheme (SEISS) Tax Treatment HMRC have released draft legislation for the tax treatment of Self Employment Income Support Scheme (SEISS) grant payments. It has always been stated the the Grant payments will be classed as taxable income. A question was always whether the March element of the payment should be included…
Self-Employment Income Support Scheme Update on 2nd payment HMRC have updated the guidance relating to the second Self-employment Income Support Scheme Grant, which will be available to claim in August. This will be the final grant. You must make your claim for the 1st grant on or before the 13th July 2020, if you have…
Flexible Furlough – Coronavirus Job Retention Scheme Update On Friday 12th June HMRC updated the guidance relating to how the new “Flexible Furlough” Scheme will operate, as of the 1st July 2020. As of the 1st July 2020, employers are able to bring staff who have previously been furloughed back to work, for any amount…
Furlough Scheme Update – Important Date to note – 10th June The Chancellor has recently updated us with the changes to the Furlough scheme, which are detailed in full below. Included in this is a very important date to note being the 10th June. This is the date employees must be on the furlough scheme by,…
Furlough support and SEISS (Self Employment Income support) update The Chancellor has been speaking at tonight’s government update to provide further information on Furlough and SEISS support measures. Here is a summary of the changes announced; Self Employment Income Support A Further payment will be made in August based on the same calculation as the…