LITRG urges self-employed to check eligibility for SEISS

The Low Incomes Tax Reform Group (LITRG) has urged self-employed individuals to check their eligibility for the first round of the government’s coronavirus (COVID-19) Self-employment Income Support Scheme (SEISS) grant. The claim window for the first SEISS grant will close on 13 July. The LITRG stated that HMRC used IT systems to identify potential SEISS claimants in May. However, the group is concerned that some self-employed individuals did not receive HMRC’s correspondence. The LITRG also said that there is ‘some…

The Federation of Small Businesses (FSB) has found that the UK’s late payment crisis has worsened during the coronavirus (COVID-19) lockdown. 62% of small businesses have been subject to late or frozen payments during the COVID-19 pandemic, according to research carried out by the FSB. Just 10% of small firms have agreed changes to payment terms with their clients. 65% of small businesses that supply goods or services to other businesses have experienced being paid late or having payments frozen.…

The number of workers now furloughed under the Coronavirus Job Retention Scheme (CJRS) has risen to 9.3 million, according to the latest figures from the Treasury. A further 100,000 employees were furloughed in the week up to 28 June, with 1.1 million employers now using the CJRS. The government has now paid out more than £25 billion to furloughed UK workers. It has also guaranteed £42.9 billion in loans through its business support schemes. The majority has been borrowed via…

Businesses have been told to stay vigilant against the rise in impersonation fraud during the coronavirus pandemic, by trade credit insurer Atradius. The insurer says the increase in impersonation fraud is result of opportunistic fraudsters seeking to take advantage of disruptions to normal business patterns during lockdown. Impersonation fraud occurs when a fraudulent party presents themselves as if representing a reputable business. The impersonator approaches other businesses under the guise of looking for new suppliers. Believing the enquiry is from…

HMRC is reminding businesses that Coronavirus Job Retention Scheme (CJRS) will close to new entrants on 30 June. In addition, From 1 July, employees will no longer have to be furloughed for a minimum period of three weeks. From this date the CJRS will have more flexibility to allow claims on a pro rata basis. Employers will be able to permit employees to work some of the week and be furloughed for the rest. An employee needs to have been…

VAT claims submitted under the Overseas Refund Scheme will be subject to delays due to changes in HMRC’s working practices during the COVID-19 pandemic, the tax authority has stated. The delays relate to payments due to overseas businesses that are not established in the EU. The affected claims are those within the prescribed year 1 July 2018 to 30 June 2019, submitted on or before 31 December 2019. HMRC says the move to working from home, in line with government…

The Institute of Directors (IoD) has called on the government to act to support jobs and investment once the coronavirus lockdown ends. In a submission to the Treasury, the IoD has urged the government to act now in order to reduce the cost of employing people as the Coronavirus Job Retention Scheme (CJRS) comes to a close. The IoD recommends increasing the Employment Allowance and raising the threshold for employers’ national insurance contributions (NICs). Within the submission, the Institute also…

Over £40 billion has now been borrowed through government-backed schemes designed to help businesses get through the coronavirus (COVID-19) crisis, according to the latest figures from the Treasury. More than 304,000 businesses have now accessed support through either the Bounce Back Loan Scheme (BBLS), the Coronavirus Business Interruption Loan Scheme (CBILS) or the Coronavirus Large Business Interruption Loan Scheme (CLBILS). Almost threequarters of the lending has been through the BBLS, which has now reached £28 billion. The BBLS allows small…

The government has again been urged to consider an emergency VAT reduction in order to help businesses once the coronavirus (COVID-19) lockdown ends. A new report published by think tank Policy Exchange has suggested that reducing the rate of VAT to 15% could help boost consumer spending in the short-term. The current standard rate of VAT is 20%. The publication of Policy Exchange’s report comes following rumours that Chancellor Rishi Sunak is reportedly considering reducing the standard rate of VAT…

According to an annual survey carried out by Fair Tax Mark, the UK public is using the coronavirus (COVID-19) lockdown to take ‘decisive action’ against tax avoidance practices. 79% of people polled would rather shop with a business that can prove it’s paying its fair share of tax, according to the survey. 78% of individuals believe that all businesses should have to publicly disclose the amount of tax they pay in the UK. Additionally, 77% of people think the UK…