Summary of new key guidance and developments
Below we have summarised some key new guidance and developments.
Time to pay
As part of the government’s response to the pandemic, anyone with a self-assessment tax bill of up to £30,000 can apply to spread the cost of their tax bill into twelve monthly payments. This should be done by applying through the online self-serve ‘Time to Pay’ facility.
Monthly payments are available to those with a self-assessment tax liability of between £32-30,000. The taxpayer must not have any other tax debts nor any outstanding tax returns. Additionally, the tax cannot be more than 60 days over its due date.
Once the 2019-20 tax return has been submitted, the ‘Time to Pay’ service should be accessed through HMRC web site to set up a direct debit.
Job retention bonus
The Job Retention Bonus (JRB) can be claimed after 15 February 2021, with claims expected to close on 31 March 2021. The JRB is a one-off taxable payment of £1,000 for each eligible employee that an employer furloughed and kept continuously employed until 31 January 2021.
Coronavirus job retention scheme
The Coronavirus Job Retention Scheme (CJRS) will close on 31 October 2020. After this date no further submissions can be made.