31 March: Digital scammers are using coronavirus support measures to target individuals with bogus emails and texts claiming to be from HMRC.
Tax news from March 2020
Latest news on the UK tax system, brought to you by the ICAEW Tax Faculty.
31 March: Company directors that receive salaries through PAYE can be furloughed and apply for a grant of 80% of their salary during the coronavirus pandemic, ICAEW understands.
31 March: The Tax Faculty is migrating its news onto the ICAEW's Insights hub, joining the dynamic resources that feed ICAEW's new Daily, Weekly and Monthly emails, and ICAEW's support on high profile topics, such as the impact of the coronavirus pandemic.
30 March: Businesses participating in Making Tax Digital for VAT have until 1 April 2021 to meet the requirement to have ‘digital links’ within their recordkeeping in light of the coronavirus pandemic.
30 March: Following the decreases in the Bank of England base rate, HMRC interest rates for late payments have also been revised.
27 March: Grants of up to £2,500 per month are to be made available for the self-employed during the coronavirus pandemic, but the scheme is unlikely to be operational until June.
27 March: ICAEW has been inundated with queries around how businesses should manage communications with HMRC in light of the new restrictions. The Tax Faculty has put together this update on where HMRC is now accepting digital communications.
Updated 1 April 2020: the government has announced measures to support the incomes of employees and the self-employed but some will not be eligible for these schemes. For those that do not qualify the government has made some changes to the support available through working tax credits and universal credit which will provide some help.
Updated March 31: The UK government is supporting businesses during the coronavirus pandemic by deferring VAT and self assessment payments. ICAEW's Tax Faculty outlines how the deferral will work.
25 March: ICAEW's Tax Faculty advises that, due to fewer advisers, HMRC has reduced opening hours on helplines.