No Change on IR35 for ‘Small’ Employers

‘Small’ businesses will be outside the new IR35 obligations that we posted about on 5th February this year. Such organisations will continue to use the current IR35 rules, with the worker and his own company self-assessing whether the rules apply to the contract they have with their client. The definition … Continued

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Reports of Furlough Fraud on the Rise

Reports to HMRC of possible furlough fraud have doubled in recent months. The Furlough scheme has protected 11.4 million jobs, costing £57 billion of Chancellor Rishi Sunak’s total bailout plan of £352 billion. Reports of potential fraud on this and other COVID support schemes such as the ‘bounce’ back’ loan … Continued

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Inland Revenue Cracks Down on Second Home Tax Loophole

Holiday home owners who have registered their property for business rates will now have to show HMRC that they have actively marketed their property and let it for 140 days per year in order to qualify. This could result in thousands of second homeowners facing rising costs. Second homes registered … Continued

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If it sounds too good to be true – Beware!

In the current crisis, it appears that young people in particular are being hit hard on the employment front, leaving many of them susceptible to ‘easy-to-earn’ cash scams. Criminals are targeting 21 to 30 year olds through social media, jobs websites and scam e-mails to recruit ‘money mules’ to help … Continued

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Loss Carry Back Lifeline for Businesses in Troubled Waters

In the March Budget an emergency extension to the ‘loss carry back’ rules from one year to three years was put in place by the Government, allowing businesses in ‘troubled waters’ due to the pandemic to claim tax refunds, helping to mitigate losses. Incorporated businesses (including those with de facto … Continued

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Puppy Boom Under Tax Scrutiny

With the prices for puppies increasing so drastically through the pandemic and some breeds fetching price tags as high as £3,000, HMRC is now reviewing the sale of litters for potential tax revenue. As has been mentioned in a previous post, you can make up to £1,000 profit a year … Continued

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Fourth Self-Employed Income Support Grant

From our latest e-newsletter: “At the Budget it was confirmed that a fourth Self-Employed Income Support (SEISS) grant will be set at 80% of 3 months’ average trading profits, paid out in a single instalment, capped at £7,500. This grant covers the period February 21 to April 21. The fourth grant … Continued

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