Posted: 15 April 2020
More detailed terms on the furloughing scheme have been published today, click here to view.
Some preliminary points to note:
- Entry date for those on the payroll extended to 19 March from 28 February (although scheme can still be backdated to 1 March) – https://www.gov.uk/government/news/furlough-scheme-cut-off-date-extended-to-19-march
- Clear definition of terms for employees on furlough:
- Written instructions given by employer to cease all work, agreed by both parties.
Posted: 06 April 2020
The government has updated its guidance over the weekend on the furlough scheme. The revised guidance note is at:
The guidance is now a little clearer on the position of directors who are being furloughed: (more…)Read More
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…)Read More