Tax E-News

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DETAILS OF LATEST CJRS “FURLOUGH” GRANTS

The fourth version of the CJRS “furlough” grant scheme starts on 1 May 2021 and will run until 30 September with employees affected continuing to be supported such that they are entitled to be paid at least 80% of their “usual pay” subject to a limit of £2,500 a month for hours not worked.

DETAILS OF FOURTH SELF-EMPLOYED INCOME SUPPORT GRANT

Like the CJRS scheme for employers the Self-Employed Income Support Scheme (SEISS) has been extended to September 2021and details of claims for the fourth grant have now been released.

MAKING TAX DIGITAL EXTENDED TO MORE BUSINESSES

Currently only VAT registered businesses making taxable supplies in excess of the £85,000 VAT registration threshold are mandated to comply with Making Tax Digital (MTD) rules.

ASSOCIATED COMPANIES COUNT FOR NEW CORPORATION TAX RATES

A 25% rate of corporation tax will apply to all of a company’s profits if they exceed £250,000 from 1 April 2023.

NO EMPLOYERS NICS FOR A YEAR IF YOU HIRE EX-MILITARY STAFF

The Government have announced a one-year exemption from paying employers national insurance contributions (NICs) where military veterans are recruited by civilian employers.

DIARY OF MAIN TAX EVENTS

MAY/JUNE 2021