Newsletter...
Enews - May 2021
In this month's Enews we consider the opening of the latest SEISS grant to applicants, the launch of the government's latest loan scheme aimed at supporting COVID-hit businesses and the introduction of state-backed 95% mortgages for first-time buyers.
With guidance on tax relief for home workers, a call for the extension of the Kickstart scheme and pension fraud increases there is a lot to update you on.
- Fourth self-employed grant now open for online applications
On 21 April, the online service for applications for the fourth Self-employment Income Support Scheme (SEISS) grant was opened for claims, HMRC confirmed. All applications must be submitted by the individual self-employed worker and cannot be handled by accountants or tax advisers......read more - Recovery Loan Scheme opens to businesses
On 6 April, the Recovery Loan Scheme (RLS) was introduced to replace the government's coronavirus lending schemes. The RLS provides financial support to businesses affected by the COVID-19 pandemic. The scheme gives lenders a guarantee of 80% on eligible loans between £25,000 and £10 million to give them confidence in continuing to provide finance to UK businesses.....read more - Recent changes to IR35 'undermine the self-employed', says IPSE
The Association of Independent Professionals and the Self-Employed (IPSE) has stated that the recent changes to the rules relating to off-payroll workers, commonly known as IR35, 'undermine the self-employed at the worst possible time'......read more - CBI calls for extension of Kickstart Scheme as jobs market remains subdued
The Confederation of British Industry (CBI) has urged the government to extend the Kickstart Scheme to help young people who are bearing the brunt of the subdued job market......read more - New 95% mortgage scheme launched
On 19 April, a government-backed mortgage scheme to help people with 5% deposits get on to the housing ladder was made available to lenders. First announced at the 2021 Budget, the scheme will help first-time buyers or current homeowners secure a mortgage with just a 5% deposit to buy a house worth up to £600,000......read more - New claims required for home working tax relief
Employees who are working from home will need to make new claims for tax relief for the 2021/22 tax year, HMRC has stated. From 6 April 2020, employers have been able to pay employees up to £6 a week tax-free to cover additional costs if they have had to work from home......read more - HMRC sets out penalty regime for SEISS abuse
The fourth Self-Employed Income Support Scheme (SEISS) grant is now live and HMRC has set out the penalties for abuse of the scheme. An overclaimed SEISS grant includes any amount of grant which the self-employed individual was not entitled to receive or was more than the amount HMRC said the applicant was entitled to when the claim was made......read more - Pension fraud increased to £1.8 million in first quarter of 2021
Losses from pension fraud rose to £1.8 million in the first three months of this year, according to figures from Action Fraud. 107 reports of pension fraud were made in the first quarter of 2021, an increase of almost 45% when compared to the same period in 2020. Pension scams often include free pension reviews, 'too good to be true' investment opportunities......read more
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