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How is Furlough Changing?

Posted: 13 July 2021

Coronavirus Job Retention Scheme (CJRS) which has supported 11.6 million jobs according to the government, is changing once again from 1 August 2021, and due to close at the end September 2021.

View the changes and more information on Furlough here: How is Furlough changing?

Should you have any queries then please contact us: payroll@burgesshodgson.co.uk

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HMRC to start moving to new IT system

Posted: 24 June 2021

HMRC plans to move taxpayer accounts to a new IT system. They intend to implement these changes from July, till September 2021. This change will affect:

  • VAT-registered businesses that are not signed up to Making Tax Digital, i.e. mainly voluntary registrations; and
  • businesses that pay their VAT bills by direct debit.

HMRC are required by banking regulations compliance to inform businesses paying by direct debit of the amount and payment date before the payment is taken. HMRC will do this via email only to accommodate the short time frame between the return due date and the payment date.  This means that businesses are at risk of late payments as any direct debits will be cancelled if there is no email address on record.

We would encourage businesses to log in to their business tax account to ensure there is a valid and updated email address on record.

If you have any queries on this please contact us at info@burgesshodgson.co.uk

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Coronavirus Job Retention Scheme Reminder

Posted: 16 June 2021

1 July 2021 sees the first change to the latest extension of Coronavirus Job Retention Scheme (CJRS).

View or download our CJRS July Reminder for information on the latest CJRS changes, deadlines and paying back grants.

If you have any questions please contact payroll@burgesshodgson.co.uk

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Furlough Figures have Decreased

Posted: 04 June 2021

HMRC’s Official Statistics on the CJRS show the number of employments on furlough decreased by 900,00 from 31 March 2021 to 30 April 2021.

“The data for April 2021 is not yet fully complete as while claims relating to April 2021 should have been filed by 14 May 2021, employers could file claims later with the agreement of HMRC if they had a reasonable excuse. Claims for April 2021 can also be amended until 28 May 2021. Together these factors are likely to have a small effect on the statistics.”

To view the statistics visit: https://www.gov.uk/government/statistics/coronavirus-job-retention-scheme-statistics-3-june-2021/coronavirus-job-retention-scheme-statistics-3-june-2021

If you would like help or advice with your claims please contact us at payroll@burgesshodgson.co.uk

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Taxation of Cryptocurrencies

Posted: 17 May 2021

Cryptocurrencies have become well publicised once again, having grabbed plenty of media attention during the bull run in 2017, with Bitcoin rising to around $19,800. Throughout 2021, Bitcoin has continued to record all-time highs, with the greatest price being recorded on 13 April in excess of $63,000 per bitcoin. (more…)

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M Group Holdings case confirms HMRC view of application of Substantial Shareholding Exemption

A recent First Tier Tribunal judgement has confirmed HMRC’s view – see here for full judgement   http://www2.bailii.org/uk/cases/UKFTT/TC/2021/TC08054.html  of the required holding period for Substantial Shareholding Exemption to apply where a trade has been ‘hived down’ into a new company.

The case concerns the specific application of part of the Capital Gains Tax legislation (Para 15A Schedule 7AC Taxation of Chargeable Gains Act 1992) which has potential significance where a trade was ‘hived down’ ahead of a sale. Tax Partner Tom Saltmer comments “The application of this clause had been in doubt for some time as it potentially created an unnatural situation where Substantial Shareholding Exemption would apply if the original company had a dormant subsidiary but would not apply if there was no such subsidiary”.

Whilst the Judge in the M Group Holdings case did note this unnatural outcome it was not found that this was sufficient to depart from the strict wording on the legislation.

On that basis it is clear that HMRC’s view is that Substantial Shareholding Exemption would not apply where a single company ‘hives down’ a trade ahead of a sale – likely meaning a substantially worse tax position. Potential transactions will then need to be structured on a different basis to achieve the same tax outcome.

If you have any questions please contact ts@burgesshodgson.co.uk

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Self-Employment Income Support Scheme – Fourth Grant

Posted: 16 April 2021

HMRC have announced they will be contacting eligible taxpayers, either by email or through the online service, to notify them that they can apply for the fourth Self-Employment Income Support Scheme (SEISS) grant to cover the period 1 February 2021 – 30 April 2021.

No definitive date has been set for this, although HMRC have indicated that they will be contacting taxpayers from mid-April, with the deadline for claims being 1 June 2021.

For further information please see the following link: https://www.gov.uk/guidance/claim-a-grant-through-the-coronavirus-covid-19-self-employment-income-support-scheme

A fifth and, most likely, final grant will be issued later in the year to cover the period 1 May 2021 – 30 September 2021.

Burgess Hodgson will be contacting clients that we believe are eligible for the fourth grant. If you have any queries in the meantime please contact your usual tax adviser or email tax@burgesshodgson.co.uk

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Treasury Direction – Self employed Income Support Scheme grant

Posted 09 April 2021

The Treasury Direction dated 7 April 2021 has been published today, setting out the rules for claims of the latest SEISS grant.

(There seems to be a typo in the Treasury Direction clause 7.3 “31 April 2021” – guidance refers to 30 April 2021)

Also published today are a series of updated guidance notes relating to the grant.

These are currently on the first page:

https://www.gov.uk/search/all?level_one_taxon=5b7b9532-a775-4bd2-a3aa-6ce380184b6c&content_purpose_supergroup%5B%5D=guidance_and_regulation&content_purpose_supergroup%5B%5D=news_and_communications&order=updated-newest

If you have any questions please contact info@burgesshodgson.co.uk

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Commercial Property Code of Practice

The non-binding code of practice has been updated to guide negotiations between commercial landlords and tenants on dealing with rent arrears and future rent arrangements.

 

The code is at: https://www.gov.uk/government/publications/code-of-practice-for-the-commercial-property-sector

Although the basic code is similar to that issued in June 2020, there is a new annex setting out a form for tenants and landlords to complete as part of the negotiations.

 

If you have any questions on this please contact info@burgesshodgson.co.uk

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Companies House Filing Extensions Ending

Companies House have confirmed that the automatic extensions will come to an end for filings after 5 April; however there will be an option to apply for a 3 month extension for accounts submissions.

For more information visit: https://www.gov.uk/government/news/automatic-filing-extensions-granted-by-the-corporate-insolvency-and-governance-act-due-to-come-to-an-end

 

If you have any questions on this please contact: company.secretarial@burgesshodgson.co.uk

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