Social Media Influencers and Unexpected Tax Bills

Businesses using social media influencers to ‘advertise’ their products may face unexpected tax bills as HMRC views the arrangement as a benefit in kind. This started with the concept of celebrity endorsement, which has now expanded, and many businesses now seek ordinary people with a sizeable following on social media to blog, podcast, post or […]

0% NICs for Freeport Employers

Employers located in Freeport areas will be able to take advantage of a zero-rate secondary National Insurance contributions (NICs). This forms part of the government’s plans to increase trade post Brexit. HMRC has issued a tax information and impact note confirming the level of Class 1 NICs’ relief for eligible employers and employees working in […]

Changes to Furlough Scheme – 1 May 2021

The government has made several changes to the (furlough scheme) Coronavirus Job Retention Scheme (CJRS) from 1 May. Currently, employees can only be furloughed if they were employed on 30 October 2020, if a PAYE Real Time Information (RTI) submission was made to HMRC between 20 March 2020 and 30 October 2020, notifying a payment […]

HMRC’s Penalty Regime for SEISS Abuse

HMRC has outlined the penalty regime relating to the self-employment income support scheme (SEISS), with harsh fines for those found to have abused the scheme. For anyone found to have abused the scheme, penalties can be charged up to 100% on the amount of SEISS grant that was overpaid. However, there is a fairly long […]

SEISS 4 – Online Application Now Open

HMRC have confirmed the online application service for the fourth self-employed income support scheme (SEISS) is now open for claims to be submitted. All applications must be submitted by the self-employed individual and cannot be handled by accountants or tax advisers. All claims must be submitted by 1 June 2021. It is expected that up […]

SEISS Grant 4 – HMRC Run Final Checks

HMRC are said to be contacting taxpayers who have met all the eligibility requirements for the fourth Self-Employment Income Support Scheme (SEISS) grant, over the next three weeks. SEISS Grant 4 is to cover the period from 1 February 2021 to 30 April 2021 and will be open to those who actively traded during the […]

Recovery Loan Scheme Now Open

The application process is now open for the Recovery Loan Scheme (RLS), which is to provide financial support to businesses across the UK as they recover from the coronavirus pandemic. The scheme opened for applications on 6 April 2021 and is available to businesses affected by the pandemic, including those who have already used existing […]

Increase in National Living/Minimum Wage

Millions of workers in all parts of the UK received a pay increase from Thursday 1 April 2021, and the age threshold is reduced to 23 years of age. Around two million of the UK’s lowest-paid workers will benefit from an increase in the National Living Wage and the National Minimum Wage. The National Living […]

1 April DEADLINE – For Self-Assessment Payment Plan

To avoid incurring penalty charges, self-assessment taxpayers have until 1 April to pay any outstanding tax liabilities in full or set up an online payment plan for the 2019/2020 tax year. HMRC has given self-assessment taxpayers more time to pay their tax due to the impact of the pandemic. Any taxpayers who are unable to […]

Tax on SEISS Grants

Legislation was introduced in Finance Act 2020, setting out the tax treatment of a Self-Employed Income Support Scheme (SEISS) payment. All SEISS amounts received will be subject to income tax and national insurance contributions. Payments will be taxed within the tax year they were received, with one exception involving partnerships mentioned below. For sole traders, […]