With the current situation and a busy period ongoing, we have summarised the key deadlines which employers need to be aware of during the upcoming months in relation to their employment tax obligations.
The Future Fund opens for applications on Wednesday 20 May 2020, on a first come first served basis for access to the £250m of Government investment available. The scheme will issue convertible loans between £125k to £5m to support innovate UK start-up and scale-up companies, which are facing financing difficulties due to the coronavirus outbreak.
Following on from our blog on 15 April 2020 which covered various COVID-19 related measures being made by overseas jurisdictions with regards the postponement of Corporate Tax filing deadlines, in the last few weeks we have seen further updates from overseas tax authorities in regard to extensions for filings and payments. In particular, Norway and Denmark have updated their deadlines in response to the COVID-19 pandemic.
If you are travelling to or conducting business with companies in Norway, you may incur VAT on expenditure incurred in country. With a standard rate of VAT at 25%, the VAT cost can build up very quickly. If you incurred VAT in Norway during 2019, you may be eligible for a refund; however, the deadline for submission of claims is fast approaching and the clock is ticking!
*Updated 1 June 2020*
On 29 May, Chancellor Rishi Sunak confirmed that the furlough scheme will remain as is for the months of June and July, with Government providing 80% of employee monthly wages up to £2,500 for those that have been furloughed.