HMRC

Tax / Covid-19: HMRC clarifies income and trading profit calculation for self-employed support

HMRC has published guidance on how it will work out total income and trading profits for the income support scheme, designed to provide help for the self-employed and members of partnerships who have lost profits due to coronavirus

Tax / HMRC launches beta testing for 80% furlough portal, Harra tells MPs

Speaking at a virtual Treasury Committee hearing on the impact of the covid-19 related measures on the workload and delivery ability of HMRC, head of the tax authority, first permanent secretary and chief executive, Jim Harra told MPs that in-house IT developers and outsourced IT provider CapGemini had been working 24/7 to complete all the preliminary code changes to create the new 80% furlough reporting portal with phase one testing with selected PAYE employers launched today. Sara White reports

Tax / Covid-19: MTD technical guidance being rewritten for VAT deferral

HMRC is finetuning the technical details for the VAT deferral process for businesses using the Making Tax Digital (MTD) for VAT system with an update to HMRC Technical VAT Notice 700/22 expected shortly

Tax / Top 10 tips: employee expenses during coronavirus homeworking

If your employees are working from home due to the coronavirus lockdown, there are important tax compliance issues to consider before reimbursing expenses, explains Jacqui Gudgion CTA, corporate and business tax partner at Mercer & Hole

Tax / April 6 personal tax changes: rise in NICs threshold

April 6 heralds the start of the new tax year, which sees the personal allowance for income tax unchanged, but a hike in the threshold for national insurance contributions (NICs) and a delay to promised reforms to the IR35 off payroll employment rules, reports Pat Sweet

Tax / Covid-19: loan charge taxpayers given ‘special arrangements’

HMRC is to introduce special arrangements for taxpayers affected by the loan charge rules relating to disguised remuneration tax avoidance schemes, paving the way for some of them to make claims under the government’s coronavirus support scheme for the self-employed, reports Pat Sweet

Tax / Covid-19: HMRC clarifies self assessment tax payment deferral

Following some initial confusion, HMRC has now updated its advice for businesses and individuals affected by coronavirus to make clear that the six-month income tax self assessment deferral for payments due in July applies to all taxpayers, and not just those who are self-employed

Tax / Returning NHS workers targeted by tax avoidance scammers

HMRC has issued specific guidance flagging up concerns that workers returning to the NHS to help respond to the coronavirus outbreak are becoming targets for tax avoidance schemes by unscrupulous advisers

Tax / Covid-19: Coronavirus Act 2020 allows for HMRC extended powers

The Coronavirus Act 2020 allows the Treasury to extend HMRC’s powers - described as 'functions' - as and when required while the Act is in force, with little indication of any control measures, reports Sara White

Tax / Q&A: Self-employment Income Support Scheme

On Thursday 26 March the Chancellor announced the Coronavirus Self-employment Income Support Scheme to provide financial support for the self-employed and members of partnerships in the form of a taxable cash grant in the fight against covid-19. Here we assess the key measures and eligibility criteria

Tax / Covid-19: self employed package hints at future tax equity

Chancellor Rishi Sunak has unveiled a £9bn package of support for self employed taxpayers and members of partnerships, Self-Employed Income Support Scheme, affected by the coronavirus epidemic which he said was equivalent to the furlough scheme for those paid via PAYE, and has indicated that future tax policy may need to change to reflect this equivalence

Tax / Covid-19: self employed will receive 80% package financial support

The Coronavirus Bill has received Royal Assent and is now in statute, setting out the bare details about the plans for a support package for the self employed, with detail to follow in tonight's televised briefing by the Chancellor

Tax / Covid-19: taxpayers urged to weigh up savings withdrawals

Taxpayers who are looking to reorganise their finances to respond to the impact of coronavirus on jobs are being warned to think carefully about the tax and welfare benefit consequences of drawing on savings

Tax / HMRC changes coronavirus business helpline number to increase capacity

HMRC has changed the dedicated phone number for the coronavirus helpline targeted at businesses and the self employed to 0800 024 1222 to increase load capacity, reports Sara White

Tax / Chancellor finalising package of financial support for self-employed

The Chancellor, Rishi Sunak, will detail plans for financial support for the self employed at the daily briefing this evening, with the likelihood of an averaging scheme to reflect variable earnings
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