Technical News

For anyone following the Silver case on top slicing (and a very brief explanation follows below if you have not) you will be aware that the Chancellor’s March 2020 Budget brought some helpful changes.

We have received an update from HMRC in relation to the non-receipt of a HMRC letter advising the NRCL of their CT UTR.

In response to the COVID-19 outbreak, HMRC announced that taxpayers could opt to defer their second self-assessment payment on account for the 2019/20 tax year if they are finding it difficult to make their second payment on account by the normal due date of 31 July 2020 due to the impact of coronavirus. HMRC will not charge interest or penalties on any amount of the deferred payment on account, provided it is paid on or before 31 January 2021.

On 29 May 2020, the Chancellor announced that the SEISS would be extended with eligible businesses able to claim a second and final payment in August. The payment will be worth 70% of their average monthly trading profits, paid out in a single instalment and capped at £6,570 in total. He also announced that claims for the first payment could continue until 13 July 2020.