|
Further to our previous messages, we remind you that the level of the grant changes from 1 August 2020. The Government will still fund 80% of wages up to a cap of £2,500 for the hours an employee is on furlough but the employer will have to pay the national insurance and pension contributions for hours not worked as well as all costs for any hours worked under the flexible furlough scheme.
Following the Government’s extension to the Self Employed Income Support Scheme, it has now been announced that the extended scheme will go live on 17 August 2020.
There is no immediate action required. HMRC will contact you shortly before this date to confirm your eligibility and you will then be able to make your claim online via your Government Gateway account. You can make a claim for this second grant even if you did not make a claim for the first grant. The Government has announced its proposed penalty regime in relation to fraudulent claims under the Coronavirus Job Retention Scheme (“CJRS”). The regime is expected to be given Royal Assent by the end of July.
As part of the Government’s support for businesses affected by Covid-19 they allowed the deferral of VAT payments to 31 March 2021 for any VAT payments due in the period 20 March 2020 to 30 June 2020.
The deferral period came to an end on 30 June 2020 and any VAT payments due after this date should be paid in full along with timely submission of the VAT Return. Businesses that cancelled their direct debit will need to take action to reinstate this for any VAT payments that fall due on or after 1 July 2020. HMRC advise that direct debits should be set up at least three days before payment is due and that failure to get the payment set up in time could result in it being late and penalties being incurred. The instruction can be set up in the online VAT account with HMRC. |
Archives
October 2020
|
RSS Feed
