Weekly tax highlights ― 29 March 2021

Produced by Tolley
Weekly tax highlights ― 29 March 2021

The following Owner-Managed Businesses guidance note Produced by Tolley provides comprehensive and up to date tax information covering:

  • Weekly tax highlights ― 29 March 2021
  • Tax Day
  • Tax Day Consultations
  • Coronavirus (COVID-19)
  • CJRS guidance update
  • Coronavirus restart grant scheme
  • Direct tax
  • Regulations amending the national minimum wage
  • Indirect tax
  • Revenue and Customs Brief 4 (2021): partially exempt VAT registered businesses affected by coronavirus
  • More...

Tax Day

Tax Day Consultations

The UK’s first ‘Tax Day’, held on 23 March 2021, saw the Treasury publish a number of consultations relating to long-term changes in the Government’s tax policy, including the way that the tax system is administered, greater oversight of the work of tax advisers and transfer pricing. These consultations will likely influence a 10-year tax strategy. Our tax experts have produced a detailed summary of all the key announcements from the consultations. Please see here for a detailed summary on various consultations and responses.

Coronavirus (COVID-19)

CJRS guidance update

HMRC has updated its coronavirus job retention scheme (CJRS) guidance to include dates for when employers can make a claim, information about employees doing training, and details of when their claim will be publicly available.

Furloughed employees can engage in training as long as they do not provide services to, or generate revenue for or on behalf of their organisation or a linked or associated organisation. HMRC has confirmed that these employees would not be regarded as directly or actively engaged in relevant research and development during this training period and should not be included in any research and development or research and development expenditure credit claims.

Furloughed employees can see if they were included in a grant for December 2020 or January 2021 in their personal tax account as long as their employer has not repaid the full amount of the grant for those months. This information will be updated on a monthly basis and February claims will be available to view from 6 May 2021.

The earliest a claim can be made for May 2021 is 19 April 2021.

Coronavirus restart grant scheme

HMRC has published guidance on the coronavirus restart grant scheme that supports businesses in reopening safely as coronavirus restrictions are lifted.

Eligible businesses in the non-essential retail sector may be entitled to a one-off cash grant of up to £6,000 from their local council. Eligible businesses in the hospitality, accommodation, leisure, personal care and gym

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