Newsletter...
August 2020 - ENEWS
In this month's Enews, we report on the Job Retention Bonus as HMRC publishes further details regarding requirements and what employers need to do now to claim the bonus. There have been plenty of other developments. We look at some of them here and analyse changes to tax policy and the wider economy. As the COVID-19 pandemic continues to dominate the news, there are lots of issues to update you on.
- HMRC outlines Job Retention Bonus criteria
HMRC has outlined the eligibility requirements for the Job Retention Bonus (JRB) that follows the furlough scheme as part of the government's measures to support the economy through the COVID-19 lockdown. The government's Coronavirus Job Retention Scheme ends on 31 October 2020 and the JRB aims to provide additional support to employers who keep on their furloughed employees in meaningful employment......read more - Treasury sets out next steps for Making Tax Digital
On 21 July, the Treasury set out the next steps in its plan to extend Making Tax Digital (MTD) to all businesses and those taxpayers that file self assessment returns. Currently, businesses above the VAT threshold of £85,000 are required to comply with Making Tax Digital for VAT (MTD for VAT)......read more - Government announces review of business rates scheme
The government has published a call for evidence on the overhaul of the business rates system that applies in England. The government announced at the 2020 Budget in March that it would conduct a review of the business rates system in England. It is seeking views from businesses, business representative organisations, local authorities......read more - Eat Out to Help Out now up and running
On 1 August, the government's Eat Out to Help Out scheme began operating at eateries across the country. The scheme was announced by Chancellor Rishi Sunak in his Summer Economic Update. It provides a 50% reduction of up to £10, for sit-down meals in participating cafes, restaurants and pubs across the UK from Monday to Wednesday every week throughout August 2020......read more - Scottish government cuts LBTT to help home buyers
On 15 July, the Scottish government reduced the rate of Land and Buildings Transaction Tax (LBTT) following a similar reduction to the rate of residential Stamp Duty Land Tax (SDLT) announced by Chancellor Rishi Sunak in the recent Summer Economic Update. LBTT is payable by the purchaser in a land transaction occurring in Scotland.......read more - Wales reduces LTT rate
On 27 July, the Welsh government reduced the rate of Land Transaction Tax (LTT) following the cuts made to SDLT and LTT across the rest of the UK. LTT is payable by the purchaser of residential or non-residential property occurring in Wales......read more - Chancellor asks OTS to review capital gains tax
Chancellor Rishi Sunak has asked the Office of Tax Simplification (OTS) to carry out a thorough review of capital gains tax (CGT). In a letter to the OTS, the Chancellor requested that the independent office review CGT and aspects of the taxation of chargeable gains in regard to individuals and small businesses.......read more - Overclaimed COVID grants
Taxpayers who have received CJRS or SEISS grants are urged to doublecheck their entitlement as the 90 day period to inform HMRC of any overclaimed amounts is now law......read more
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