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.
*Please note this fund closed to new applications on 31 December 2020*
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!
The UK government understands that supporting innovation is crucial to making the UK more competitive globally. Therefore, companies taxable in the UK that are undertaking R&D work can access a cash flow advantage by making a claim for enhanced tax relief through their tax return.
The Scottish Government has announced a new support measure for private landlords - The PRS Landlord (non-business) COVID-19 Loan.
With the many measures adopted during the ongoing COVID-19 crisis, HM Revenue and Customs (HMRC) has been supportive of businesses in the current difficult climate. However, this more helpful approach is different from the normal face HMRC presents to taxpayers.
The UK Government has announced a new fast-track finance scheme, providing loans with a 100% Government-backed guarantee for lenders. The “Bounce Back Loans” scheme will provide small businesses with loans between £2k and £50k.
The Government has recently revealed further plans in response to COVID-19 to assist the public sector in bringing back skilled retired workers, including care workers and police officers, to help navigate the current crisis.
The Scottish Government has announced the Pivotal Enterprise Resilience Fund, providing grants to businesses that can play a critical role in supporting Scotland’s recovery, but need some immediate support. The aim for the grants is to support businesses that have the potential to continue trading and supporting employment, but are currently suffering from immediate cash flow challenges, get back up and running or maintain current operations.
As we have documented in earlier blogs (captured below), ownership details of offshore assets, income and gains have been directly provided to HMRC, via exchange of information agreements with hundreds of overseas countries in the last 2 years. HMRC now have access to unprecedented amounts of information relating to overseas details for UK resident individuals