June 2020

Targeted investigations reap benefit for HMRC

HMRC investigators have collected an extra £540 million from industries such as adult entertainment, dog breeders, and the Lake District holiday industry, according to the latest analysis from Pinsent Masons. That figure was just £138.1m in 2014-15. There are currently some 209 special task forces actively investigation taxpayers, and while HMRC does not reveal the full list, it does indicate

Read more

Read more

Employers abusing furlough scheme face prosecution

UK firms that are furloughing staff due to Covid-19 could face a criminal investigation from HMRC if they are claiming under the coronavirus job retention scheme while still making employees work. HMRC says all firms should consider carrying out due diligence to ensure that the risk of furlough breaches are effectively mitigated. Through the coronavirus job retention scheme employers can

Read more

Read more

Check tax rules on waiving your income or donating to charity

Company bosses and employees who donate part of their salary to fund the coronavirus relief efforts are being warned that they could face unexpected tax bills. Staff who donate their pay and those who agree a salary cut to help their employer survive the pandemic may fall foul of anti-avoidance rules brought in three years ago. Unless bosses and workers

Read more

Read more

Almost 1,900 reports of furlough fraud to HMRC

HMRC has received 1,868 reports of fraudulent use of the Coronavirus Job retention Scheme to its digital reporting service (as of 29 May 2020).This is more than double the number of reports it received as of 12 May, at 795. Whistleblowing charity Protect has revealed that 36% of its Covid-19-associated calls involved furlough fraud. It has identified three main types

Read more

Read more

Friday Roundup 5th June 2020

The news from the week ending 5th June 2020 Janet Jack – CEO Sarah Palmer – COO Simon Jordan – Marketing Below are the notes from the podcast Janet Reference to the coffee morning where our guest, Gerard Fisher from Astrid, was able to give us comprehensive information around GDPR Sarah Update on the CJRS Update on the surprise second

Read more

Read more

SMEs borrow £18bn via ‘bounce back’ scheme

The UK’s SMEs have borrowed more than £18bn under the Bounce Back Loan Scheme (BBLS) in its first three weeks of operation. The BBLS was introduced by the government after criticism that the existing Coronavirus Business Interruption Loan Scheme (CBILS) was not being made accessible to many businesses by the banks administering the scheme. It offers 100% government-backed loans of

Read more

Read more

On Friday 29th May, the Chancellor, Rishi Sunak, announced more details about the extension of the Coronavirus Job Retention Scheme (CJRS) and the Self-Employment Income Support Scheme, and we’ve outlined these below for you. Coronavirus Job Retention Scheme The Chancellor has announced three changes to the job retention scheme: From 1‌‌ July 2020, the scheme will be made more flexible

Read more

Read more

Extension to time to appeal against a tax decision

HMRC is giving businesses and individuals who want to appeal a tax decision an extra three months to lodge the appeal. The extension applies for business affected by Covid-19 for any decision dated February 2020 or later. HMRC will contact by letter those eligible to apply for the extra time. They must then contact HMRC with: their name or business

Read more

Read more

New measures to protect vulnerable companies

The Corporate Governance and Insolvency Bill has now been introduced in Parliament. The Bill consists of six insolvency measures, and two on corporate governance. The government is hoping the Bill will give businesses the flexibility they need to cope with reduced resources and restrictions. It will do this by: Introducing a new moratorium to give companies breathing space from their

Read more

Read more