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Detailed Terms on Furloughing

Posted: 15 April 2020

More detailed terms on the furloughing scheme have been published today, click here to view.

Some preliminary points to note:

(more…)

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Furloughing Directors and Can Furloughed Employees Work for Employers

Posted: 06 April 2020

The government has updated its guidance over the weekend on the furlough scheme. The revised guidance note is at:

www.gov.uk/guidance/claim-for-wage-costs-through-the-coronavirus-job-retention-scheme

Furloughing Directors

The guidance is now a little clearer on the position of directors who are being furloughed: (more…)

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Tax Tribunal Update: Tax Payer Subject to £25,000 Fine for Failure to Provide Adequate Records of Expenditure

The case concerned a Midlands based company (Teksolutions -Inc Limited) that made claims for the enhanced tax relief available for Research and Development.

HMRC inquired into these claims and found issue with the records kept by the company. The company had claimed taxable losses across two accounting years in the region of £400,000 – arising partially from the additional tax deductions available for R&D expenditure. After review HMRC assessed that the losses should be reduced to nil. (more…)

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