and threatening to remove individuals from the self-assessment regime if extensive and onerous information is not provided, says accountants Hillier Hopkins.
The accountants have seen a dramatic increase in letters from HMRC to clients demanding extensive documents and information that it calls ‘security procedures’ to make sure the ‘repayment amount claimed is correct’.
In the most high profile case in the history of the IR35 legislation, former footballer and sports broadcaster Gary Lineker has been pursued by HMRC over £4.9m in unpaid income tax and NIC.
The KickStart Scheme provides funding to create new jobs for 16 to 24 year olds on Universal Credit. Employers can apply for funding which covers 100% of the National Minimum Wage (or the National Living Wage) for 25 hours per week for a total of 6 months along with associated employer National Insurance & Pension contributions.
The deadline to apply for this scheme is 31 December 2021.
If you’re eligible based on your tax returns HMRC will contact you in the coming days, to give you a date that you can make your claim from. It will be given to you either by email, letter or within the online service.
You’ll need to confirm you meet other eligibility criteria when you make your claim.
You must make your claim on or before 1 June 2021.
Congratulations are due for passing his ICAEW Principles of Taxation Exam. Jack has now achieved his 'Certificate in Finance, Accounting & Business'
Keep up the hard work!!
From 1st April 2021, The Minimum & National Living Wage rates increase and for the National Living Wage the age has also been reduced from 25 to 23 years old:
Time is running out to apply for a loan under the coronavirus business interruption loan scheme (CBILS) and bounce back loan scheme (BBLS).
The deadline for new applications is 31st March 2021. Businesses will be able to start an application for finance until the end of day on this date.
There is however a new 'Recovery Loan Scheme' launching on the 6th April but it will follow different lending criteria.
The Restart Grant scheme supports businesses in the non-essential retail, hospitality, leisure, personal care and accommodation sectors with a one-off grant.
Eligible businesses in the non-essential retail sector may be entitled to a one-off cash grant of up to £6,000 from their local council.
Eligible businesses in the hospitality, accommodation, leisure, personal care and gym sectors may be entitled to a one-off cash grant of up to £18,000 from their local council.
The fourth SEISS grant covers February to April 2021. It has been set at 80% of three months’ average trading profits, capped at £7,500. Average trading profits is over the four years 2016/17 - 2019/20, where available and it will be available from late April.
The fifth grant covers May to September 2021. It has been set at 80% of three months’ average trading profits capped at £7,500 for those whose turnover has reduced by 30% or more.<br) Those with a turnover reduction of less than 30% will receive a grant based on 30% of three months’ average trading profits, capped at £2,850. Average trading profits will be calculated as for SEISS 4 and the grant will be available in late July
A reminder as always, these grants are subject to Tax and Class 4 National Insurance.
The stamp Duty Holiday which was due to end March 2021 has now been extended until 30th June. The extension means you now have until 30th June to complete on the purchase to make the stamp duty saving, paying nothing on properties sunder £500,000.
Then, to smooth the transition back to normal, the nil rate band will be £250,000, double its standard level, until the end of September.
It will return to the usual threshold of £125,000 on 1st October.
The Chancellor announced at Budget 2021 that the temporary reduced rate of 5% will be extended to 30 September 2021.
From 1 October 2021 the reduced rate for these supplies will be replaced by the introduction of a new reduced rate of VAT of 12.5% which will remain in effect until 31 March 2022.
