The government has opened a new consultation ‘Taxation of Coronavirus (COVID-19) support payments’ on draft legislation which includes measures to tax the grants available, recover payments from businesses not entitled to them and penalise deliberate non-compliance.
SME Tax News
Missed our SME Tax Web-updates in May? Here is a summary of the month.
The Chancellor has announced that he is extending the Self-Employment Income Support Scheme (SEISS) by a further, and final, three months at a reduced rate of 70% of average monthly trading profits.
COVID-19: the Chancellor announced changes to the Coronavirus Job Retention Scheme (CJRS) on 29 May 2020. The scheme currently extends until the end of October 2020. Under taper provisions, furloughed employees will be able to work part-time and employers will begin to contribute to Employers' National Insurance (ERs NI).
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We are covering quite a variety of topics featuring 'the home' this week and we continue to update the COVID-19 support tracker.
In Fowler v HMRC [2020] UKSC22, the Supreme Court found that a diver was an employee for the purposes of a double tax treaty and so subject to UK tax on his income.
In HMRC v NCL Investments Limited, Smith & Williamson Corporate Services Limited [2020] EWCA Civ 663, the Court of Appeal dismissed HMRC’s appeal finding that the costs of issuing share options through an Employee Benefit Trust (EBT) were deductible.
HMRC have published new advisory fuel rates for company car drivers which apply from 1 June 2020. Following recent drops in oil prices all rates, except those for fully electric cars, have been reduced.
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As COVID-19 lockdown measures are gradually relaxed and Brexit negotiations continue, now is the time to start planning for the future, whatever that holds.
Draft legislation dealing with Off-Payroll Working in the Private Sector from April 2021 has been added to Finance Bill 2020 despite the recent conclusions by the House of Lords' Economic Committee that the rules are flawed and need a re-think.