Technical News

 


The Chancellor of the Exchequer has written to us with some important information about the launch of the SEISS. 

HMRC has provided guidance on temporary changes to some pension processes to help pension scheme administrators during the COVID-19 pandemic.

HMRC has provided us with an update in relation to its digital services.

HMRC has provided us with the following information when making a claim for the Employment Allowance for the 2020/21 tax year through the Employer Payment Summary (EPS) and which business sector to select to confirm eligibility under State aid rules.

On 26 March 2020, the Chancellor announced that the Government would provide support to self-employed workers in the form of a cash grant of 80% of their profits, up to £2,500 per month. This is known as the Coronavirus (COVID-19) Self-employment Income Support Scheme (SEISS).

The government has launched a new ‘support finder’ tool designed to help businesses and self-employed people across the UK to quickly and easily determine what financial support is available to them during the coronavirus pandemic.

Further directions issued today by the President of the First-tier tax tribunal, Judge Sinfield, to the Tax Chamber and Tribunal users extending, in relation to certain proceedings, the general stay of all proceedings released on 24 March (as amended and released on 26 March).

HMRC have provided the CIOT with information regarding an educational campaign that was commenced by their Wealthy and Mid-Sized Business Compliance Unit in March 2020. A letter was sent by HMRC on 12 March to a sample of taxpayers who subscribed for Venture Capital Trust (VCT) shares and claimed income tax relief on the subscription in their 2015/16 self-assessment (SA) tax returns. The letter provides information about their income tax obligations regarding VCTs and the circumstances in which the income tax relief given may need to be withdrawn. A copy of the letter was sent to the taxpayer’s agent where HMRC identified that the individual was represented by an agent.

In light of the COVID-19 pandemic, the CIOT has produced this introductory guide to Statutory Sick Pay (SSP), which includes details of how the rules should be applied in relation to COVID-19.