Newsletter...
August 2021 - ENEWS
In this month's Enews we consider the announcement of a consultation on self-employed basis periods, draft Finance Bill clauses and guidance on claiming the fifth self-employed Income Support Scheme (SEISS) grant. With HMRC updated guidance on salary sacrifice, ICAEW urging VAT reforms specifically for property, the latest statistics on furlough, pension scams and public trust in charities, there is a lot to update you on.
- Consultation launched on self-employed basis period reform
HMRC has recently launched a consultation on how basis periods can be reformed for income tax for the self-employed. The consultation seeks to gather views on how best to implement a proposal to simplify the rules under which profits of an unincorporated trading business are allocated to tax years using basis periods.......read more - The government has published draft Finance Bill clauses
The Government has published draft clauses for the next Finance Bill, which broadly cover pre-announced policy changes. The government is committed, where possible, to publishing most tax legislation in draft for technical consultation before the relevant Finance Bill is laid before Parliament........read more - Claiming the fifth self-employed Income Support Scheme (SEISS) grant
HMRC has issued guidance on claiming the fifth and final self-employed Income Support Scheme (SEISS) grant. Unlike previous SEISS grants the amount of the fifth grant available is determined by how much a self-employed individual's turnover is reduced. The fifth grant is 80% of three months' average trading profits capped at £7,500......read more - ICAEW urges HMRC to scrap exemptions to simplify VAT rules
In response to HMRC's consultation on simplifying the rules relating to land and property, the Institute of Chartered Accountants in England and Wales (ICAEW) has urged HMRC to abolish all VAT exemptions and remove all VAT options. The ICAEW stated that the VAT rules regarding land and property are.......read more - HMRC updates Salary Sacrifice guidance
HMRC has updated the guidance on salary sacrifice. HMRC has removed the guidance on 'Salary sacrifice arrangements set up before 6 April 2017' as the transitional arrangements for calculating the value of the benefit came to an end on 5 April 2021. A salary sacrifice arrangement is an agreement to reduce an employee's entitlement to cash pay.......read more - Data reveals 1.9 million workers remain on furlough
The Coronavirus Job Retention Scheme (CJRS) is being wound down on 30 September 2021 and data published by HMRC has revealed that 1.9 million workers remain on furlough......read more - Pension scams average losses now over £50,000
According to the latest figures from Action Fraud the average loss from pension scams has reached £50,949 this year. That is more than double the typical figure of £23,689 reported last year. Action Fraud said the losses in each case ranged from less than £1,000 to as much as £500,000, and the real figures could be higher as many scams go unreported.......read more - Increase in public trust in charities
Public trust in charities has reached its highest level since 2014, according to research published by the Charity Commission. An independent study showed that people's trust in charities scored an average of 6.4 out of 10, up from 6.2 a year ago and significantly higher than the low of 5.5 recorded in 2018. The highest figure to date is 6.7 out of 10, recorded in 2014.......read more
Previous ENEWS Archives
December 2021 | November 2021 | October 2021 | September 2021 | August 2021 | July 2021 | June 2021 | May 2021 | April 2021 | March 2021 | February 2021