Reporting tax on self-employed profits
Consultation document proposes moving from a current (accounting) year basis to a tax year basis for reporting tax on self-employed profits.
HMRC SEISS Auto-Corrections
HMRC is making SEISS (Self-Employment Income Support Scheme) auto-corrections to 2020/21 tax returns where it believes the total of declared SEISS grants received does not match their records.
Lockdown easing delayed to 19 July
Lockdown easing in England delayed until 19 July. Understand what is changing on 21 June and what is not. Business leaders call for corresponding extensions to the business support packages.
Employers to share costs of Coronavirus Job Retention Scheme and SEISS extended
Changes to Coronavirus Job Retention Scheme. Flexible Furlough scheme introduced from 1 July, employers to gradually increase their contribution to wage costs beginning with NI and employer pension contribution costs and rising to 20% by October when the scheme will end. Self Employment Income Support Scheme extended, now ending in August, with a single payment of up to £6,570 to cover June, July and August.
Government outlines plans for reopening society
The government outlines the first steps society will take to safely restart the economy and stresses that all steps are conditional on keeping the virus under control. Calls for clear guidance on Covid secure status and phasing of government support required.
ICAEW highlights the need for checks on SEISS
Who checks whether HMRC is right about your eligibility for SEISS and the amount of your payment? Your accountant.