Speculation rife over ‘Emergency Budget’

1 June: Reports in the mainstream press suggest that an emergency Budget will be held in the week commencing 6 July, but there has been no confirmation from Treasury.

HMRC consults on recovery powers for CJRS and SEISS

1 June: HMRC will be able to recover grants issued under the Coronavirus Job Retention Scheme (CJRS) and Self-employed Income Support Scheme (SEISS), issue penalties and charge tax under proposed amendments to the Finance Bill.

COVID-19: More changes to IHT processes

1 June 2020: HMRC has further adapted its inheritance tax (IHT) processes to accommodate new ways of working during the coronavirus pandemic. ICAEW’s Tax Faculty outlines the changes.

Flexible furlough from 1 July under revised CJRS

29 May: Changes to the Coronavirus Job Retention Scheme (CJRS) will apply a month earlier than expected. From 1 July the scheme will allow part-time working, but staff must have been furloughed by 10 June to be eligible.

COVID-19: Second lump sum for self-employed

29 May: The Chancellor has announced a second and final grant to the self-employed who are eligible for the Self-employment Income Support Scheme (SEISS), to be capped at £6,570.

COVID-19: Employer returns accepted via email

29 May 2020: Employers can file their Appendix 4, 7A and 7B end-of-year reports by email, HMRC has confirmed.

Tax news June 2020

Latest news on the UK tax system, brought to you by the ICAEW Tax Faculty.

COVID-19: ICAEW urges for clarity over QIPs repayments

27 May: ICAEW’s Tax Faculty urges HMRC to facilitate refunds of instalment payments of corporation tax that companies believe they have overpaid in respect of prior periods due to the impact of coronavirus.

COVID-19: Sick pay reclaim system goes live

26 May: As the Coronavirus Statutory Sick Pay Rebate Scheme launches, Tax Faculty members outline useful information to help businesses make a claim.

HMRC to repay VAT on gaming machines

26 May: HMRC has published guidance outlining how businesses can reclaim overpaid VAT from the historical operation of some gaming machines. In April, the Upper Tribunal dismissed HMRC’s appeal in two long-running VAT cases where claimants argued that to charge standard rate VAT on the operation of specific types of gaming machines was a breach of ‘fiscal neutrality’.

Coronavirus Job Retention Scheme revised legislation published

22 May: Confirmation on what training furloughed employees can undertake and the eligibility of TUPE staff has been made in new legislation on the CJRS. The Tax Faculty outlines the changes.

COVID 19: Scotland extends refund period for second home purchase tax

21 May: Homeowners in Scotland temporarily have three years to sell their home after buying a replacement property and claim a refund of land and buildings transaction tax (LBTT).