Highlights from the broader tax news week ending 9 June, which includes: May CJRS claim deadline reminder; more support on tax reliefs on moving goods temporarily in and out of GB and NI; small change to SDLT exceptional circumstances guidance; and updated guidance on loss carry back claims.
14 June deadline for May CJRS claims
Employers wanting to make a claim under the Coronavirus Job Retention Scheme (CJRS) for May 2021, must do so by the 14 June. Employers are able to claim 80% of their furloughed employees’ usual wages for the hours not worked in May, subject to the £2,500 cap. See ICAEW’s support on the CJRS at icaew.com/CJRS.
Updated guidance on loss carry back claims
HMRC’s guidance on the submission of extended loss relief carry back claims for companies has been amended. HMRC is now advising not to submit amended returns for the periods that the loss is carried back to. If amended via HMRC’s online portal, such returns will be rejected as HMRC’s systems will recognise them as being out of time. Instead, HMRC advises to make a claim for the accounting period of the loss which will be treated as an amendment to the earlier years to which the loss is carried back. Read the amended guidance.
Guidance on SDLT ‘exceptional circumstances’ amended
HMRC has made a small change to its guidance covering the exceptional circumstances under which higher-rate stamp duty land tax may be refunded. The guidance states that if a previous home was not sold within three years of purchasing a new home due to exceptional circumstances then a refund claim may be possible. Previously, exceptional circumstances listed included “the impact of coronavirus preventing the sale”. This text has now been updated to “the impact of government-imposed restrictions preventing the sale”. Read the guidance in full.
More support for those moving goods temporarily out of GB and NI
HMRC has published information on how to minimise duty payments when moving goods temporarily into and out of Great Britain and Northern Ireland. A new webpage outlines what options are available to businesses that are moving goods temporarily from GB to NI; from NI to GB and from GB to the EU.
HMRC has also updated existing guidance on reliefs on customs duty and VAT for goods reimported to GB to provide information about goods exported from NI and to add time limits for goods in the EU on 31 December 2020.
Meanwhile, guidance on applying for temporary admission of goods to the UK or move goods from GB into NI has been updated with information about using temporary admission in NI.
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