SEISS 3 claims are now open

30 November 2020: Claims for the third SEISS grant are now open. ICAEW’s Tax Faculty has pre-recorded a webinar which highlights what has changed for the third grant.

Income tax personal allowance and national insurance limits for 2021-22

26 November 2020: Hidden in the spending review was a statement that some income tax allowances and thresholds and national insurance limits would increase in line with the September CPI figure. ICAEW’s Tax Faculty explains what this means.

Key dates coming up for Coronavirus Job Retention Scheme

25 November: ICAEW’s Tax Faculty provides a round-up of key deadlines and dates for the extended furlough scheme, including dates for submission of claims.

Some CJRS claim information to be made public from December

25 November: HMRC will publish the names, an indication of the value of claims and, for companies and LLPs, the Company Registration Numbers of employers who make claims under the furlough scheme for periods from December onwards.

New ‘significantly reduced profits’ test for third SEISS grant

25 November 2020: The eligibility criteria for the third SEISS grant have been further tightened. ICAEW’s Tax Faculty warns that the rules have changed, and claimants need to consider them carefully before claiming from 30 November.

Brexit transition planning: VAT on overseas goods

24 November: HMRC has published guidance on how organisations deal with VAT when selling overseas goods to customers within Great Britain from 1 January 2021.

UK innovation tax reliefs: are they delivering benefits?

24 November 2020: Reports commissioned by HMRC suggest that the research and development expenditure credit (RDEC) scheme is the most effective incentive for encouraging additional investment in R&D.

Tax news in brief

24 November: Highlights from the broader tax news this week includes: HMRC begins checks on 'Eat Out' scheme payments, no clarity on Budget date, government guidance for staff dealing with social security applications post-Brexit and gender pay gap reporting when employees have been furloughed.

Corporate Criminal Offence: Why all businesses should be taking this seriously

23 November 2020: Lucy Sauvage, a Director in BDO’s Tax Risk team talks to ICAEW’s Tax Faculty and answers key questions about the effect of the pandemic on risks relating to the corporate criminal offence (CCO) and what organisations need to be thinking about.

HMRC clarifies treatment of virtual Christmas parties

20 November 2020: HMRC confirms that annual party exemption applies to virtual festivities, including gifts consumed at the party.