Tax

Tax / Covid-19: 80% rule salary payments liable for income tax and NICs

Individuals will be deducted income tax and national insurance contributions (NICs) on the 80% salary subsidies paid under covid-19 emergency employment measures for furloughed workers, but self employed are still waiting for support package, reports Sara White

Tax / Capital gains tax on property: 6 April changes

From April 2020 an overhaul of capital gains tax (CGT) will see payment deadlines shortened, reduction of final period exemption and reform of lettings relief. Stephanie Webber CTA, tax writer at Croner-I, analyses the key changes in the context of relevant rulings at tax tribunal

Tax / Covid-19: non-essential shops closed but not exhaustive list

The Prime Minister has announced the early steps towards mandatory lockdown with all non-essential shops closed and provision for unlimited penalites for business owners who breach the rules. Sara White reports

Tax / Anti-forestalling rule added to entrepreneurs’ relief reform

HMRC has updated its technical note on the changes to the lifetime limit for entrepreneurs’ relief, which has been cut to £1m, detailing an additional anti-forestalling rule

Tax / HMRC cuts interest rate for late/early payments

Following the Bank of England’s base rate cut, HMRC has cut the interest rates charged on underpaid corporation tax quarterly instalments and interest paid on overpaid quarterly payments

Tax / Tax tribunals cancelled until further notice, select committees running

All tax tribunals at the First Tier Tribunal (FTT) and Upper Tribunal level have been postponed unless proceedings can be held online while parliamentary committees are reviewing their operational procedures, reports Zak Jakubowski

Tax / Covid-19: expats and non doms can claim ‘exceptional circumstances’

Expats and non doms who find themselves stuck in the UK as a result of the coronavirus pandemic will be able to claim ‘exceptional circumstances’ with regard to their current tax residency status, in cases where they have to stay here for more than the 183 days permitted

Tax / Covid-19: moratorium on evictions by commercial landlords

The government has introduced emergency legislation to enact a moratorium on commercial landlord sanctions and debt enforcement for at least three months so that those who cannot pay their rent because of cashflow difficulties related to coronavirus will be protected from eviction, reports Pat Sweet

Tax / Covid-19: sick pay to be refunded to small businesses

Small businesses will get a refund on statutory sick pay (SSP) during the covid-19 crisis, health minister tells parliament

Tax / Coronavirus Business Interruption Loan Scheme open for applications

Businesses will be able to access government support valued at £330bn through the Coronavirus Business Interruption Loan Scheme for SMEs and Covid Corporate Financing Facility for the largest corporations from 23 March

Tax / Covid-19: VAT payments deferred for three months

The government has announced a three-month deferral for VAT payments until end June for all UK businesses with HMRC working all hours to thrash out the detail

Tax / Middlesbrough Football Club loses NMW replay with HMRC

HMRC has scored a victory over Middlesbrough Football Club, currently 19th in the now suspended Championship, at an employment tribunal appeal over underpayments of the national minimum wage (NMW) relating to employee deductions for season tickets

Tax / Government to pay 80% of salary for furloughed workers

The Chancellor has set out plans for a Coronavirus Job Retention Scheme to underwrite 80% of the salaries of workers if they have to be temporarily laid off, but the system could be open to abuse and details are limited, reports Sara White

Tax / Chancellor sets out radical employment support package to protect jobs

The Chancellor Rishi Sunak has set out a multibillion pound package to protect jobs with a government commitment to pay 80% of salaries for private sector employees who are furloughed during the coronavirus crisis, a three-month deferral of VAT payments until the end of June and self employed will be eligible for statutory sick pay (SSP). Sara White reports

Tax / HMRC needs to ramp up covid-19 time to pay guidance

With monthly PAYE payments deadlines falling due, HMRC is facing calls for more detailed guidance on the time to pay arrangements for taxpayers who are unable to pay their tax due to coronavirus, reports Pat Sweet
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