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DIARY DATES OF MAIN TAX EVENTS JUNE/JULY 2020

Tax Diary

Date What’s Due 01/06/20 Corporation tax for year to 31/08/19 (unless quarterly instalments apply) 19/06/20 PAYE & NIC deductions, and CIS return and tax, for month to 05/06/20 (due 22/06 if you pay electronically) 30/06/20 VAT for Returns ended 30/04/20 (due 07/06 if paid electronically, 12/06 if paid by direct debit) 01/07/20 Corporation tax payment […]

NEW AUTHORISED ECONOMIC OPERATOR PORTAL OPENS 1 JUNE

HMRC

The Government are still committed to the transitional Brexit period ending on 31 December 2020 and businesses trading with the EU need to make sure they are ready for major changes. If you’re submitting an application for Authorised Economic Operator (AEO) status from 1 June 2020, you must submit them through the EU Customs Trader […]

P11D FORMS STILL DUE BY 6 JULY

HMRC

Despite the coronavirus lockdown HMRC have announced that they will still expect P11d forms reporting expenses and benefits to be submitted by the normal 6 July deadline. Remember that reimbursed expenses no longer need to be reported where they are incurred wholly, exclusively and necessarily in the performance of the employee’s duties. Dispensations from reporting […]

SELF-EMPLOYED INCOME SUPPORT GRANTS ALSO EXTENDED

Money Matters

Sole traders and members of partnerships started making claims under the Self-Employed Income Support Scheme on Wednesday 13 May and many have already received their grant. Unfortunately, unlike the CJRS furlough scheme, claims could not be made by agents on behalf of clients although we can of course check that you have received the correct […]

FOOTBALL REFEREES ARE SELF-EMPLOYED

HMRC

Many of you will be looking forward to the football season resuming, albeit behind closed doors. There has been an interesting tax case recently concerning the employment status of referees. The Upper Tier Tribunal has rejected an appeal by HMRC concerning whether referees officiating at matches in the Championship and lower leagues were employees of […]

CAN WE “FURLOUGH” THE COMPANY CAR?

HMRC

During the lockdown period many employees and directors have not been using their company cars and it has been sitting on their driveway. You might think that means that the benefit of having a company car does not apply but unfortunately HMRC do not agree. HMRC have recently confirmed that there continues to be a […]

JOB RETENTION “FURLOUGH” SCHEME EXTENDED TO OCTOBER

Employers

Chancellor Rishi Sunak announced on 12 May that the CJRS scheme will be extended until the end of October. The scheme will continue in its current form until the end of July with the Government paying 80% of employees wages up to £2,500 a month. For accounts purposes the amounts received should be credited to […]

DIARY DATES OF MAIN TAX EVENTS MAY/JUNE 2020

Tax Diary

Date What’s Due 01/05/20 Corporation tax for year to 31/07/19 (unless quarterly instalments apply) 19/05/20 PAYE & NIC deductions, and CIS return and tax, for month to 05/05/20 (due 22/05 if you pay electronically) 31/05/20 VAT for Returns ended 31/03/20 (due 07/05 if paid electronically, 12/05 if paid by direct debit) 01/06/20 Corporation tax payment […]

NEW SYSTEM FOR REPORTING CGT ON PROPERTY DISPOSAL STARTED 6 APRIL 2020

HMRC

A new CGT reporting and payment on account system was introduced for residential property disposals by UK resident taxpayers from 6 April 2020. The new system as originally announced required the disposal to be reported and any CGT due to be paid on account within 30 days of completion. HMRC have now announced that for disposals […]

MORE DETAILS ON SELF-EMPLOYED GRANT SCHEME

Money Matters

Like the CJRS scheme for employers the initial HMRC guidance on the grant scheme to support the self-employed and members in partnerships was also very sketchy. In outline the Self-Employed Income Support Scheme (SEISS) allows the self-employed to claim 80% of their average profits for the period up to 2018/19, limited to £2,500 a month, […]