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Archive:May 2020

Please find below all the articles from May 2020.

GUIDANCE FOR OUR CLIENTS – CORONAVIRUS (COVID-19) – UPDATE 6 – The Self Employed – 11th May 2020

HMRC have released updated information with regards to the Self-Employment Income Support Scheme that we would like to bring to our clients attention. As per our e-mail of the 27th March, this scheme will allow the self-employed to claim a taxable grant worth 80% of trading profits up to a maximum of £2,500 per month for 3 months, below is a reminder of the eligibility criteria:

To claim the grant the following conditions apply:
• Your 2018/2019 tax return must have been submitted.
• You traded in the 2019/2020 tax year.
• You are…

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On Monday the 4th May 2020 a new 100% government backed loan, called the Bounce Back Loan has been launched to help small and medium-sized businesses. The loans are available directly from banks and other lenders (a list of accredited lenders will be released by HMRC). As the loan is 100% backed by the government, this should result in loans reaching businesses within days, providing immediate support to those that need it as easily as possible.

To apply the business needs to meet the eligibility criteria below:
• is based in…

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Construction Industry Scheme: top tips

The start of the new tax year often marks the beginning of an extremely busy time for those using the construction industry scheme (CIS). HMRC have issued a reminder of some of the help that is currently available to help ease the workload. Here is a summary of the top tips HMRC provide:

Digital repayments

HMRC offer a digital repayment offer for CIS customers. Claims can be made through the CIS I-form.

The I-form can be completed by either the agent or the taxpayer. They need to provide their name, address,…

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MTD for VAT: Second phase delayed

HMRC have announced the postponement of phase two of their Making Tax Digital (MTD) for VAT project.

This ‘phase two’ required businesses to digitally link their software all the way from entry of each transaction at one end of the process through to submission of the VAT return at the other, irrespective of how many pieces of software were used.

This means the rules on maintaining digital links from original transaction to tax return will not be enforced until 1 April 2021.

Businesses now have until their first VAT return period…

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VAT: Deferral of payments

Temporary changes have been made to the rules governing VAT payments due between 20 March 2020 and 30 June 2020 to help businesses manage their cash flow during the coronavirus (COVID-19) pandemic.

Under the temporary easement, a UK VAT registered business with a VAT payment due between 20 March 2020 and 30 June 2020 has two options:

– defer the payment until a later date; or
– pay the VAT due as normal.

This relaxation of the rules does not cover VAT Mini one stop shop (VAT MOSS) payments (broadly, a scheme…

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