In an open letter to the UK logistics sector, the Government has announced an urgent initiative to resolve the mounting shortage of lorry drivers in the UK. Following Brexit and the COVID-19 pandemic, thousands of EU nationals – who make up a significant proportion of workers in the UK logistics industry – are having to return to home countries. The letter outlined...
Time to check Minimum Wage Rates?
HM Revenue and Customs (HMRC) has issued a statement urging students and other summer workers to check that they are being paid the correct National Minimum Wage (NMW) rates. In the 2020/21 tax year, HMRC helped over 150,000 workers across the UK to recover over £16 million remuneration that was due to them because incorrect NMW rates had been used. Most workers...
Claiming for work-related expenses
The tax office is now open for claims from employees that have incurred work-related costs for the year to 5 April 2021 and have not been – and will not be – reimbursed by their employers. How to make a claim – the DIY approach You can claim online, by post or by phone. This will involve completing application forms and you will...
Muras Matters: Coronavirus Self-Employment Income Support Scheme ‘Fifth Grant’
Background The Self-Employment Income Support Scheme (SEISS) was made available to provide financial support for individuals who are self-employed or a member of a partnership, who meet the eligibility conditions and have been adversely affected by coronavirus (COVID-19). The scheme for the fifth grant is due to open shortly. HM Revenue & Customs (HMRC) will be contacting those taxpayers who are eligible,...
Is inflation something to be concerned about?
Inflation is a measure of how much the value of currency depreciates each year. For example, if prices for a loaf of bread rise by 3% in a year, you would have to earn that extra 3% to continue to purchase bread, so your extra earnings would have no extra value. According to the Bank of England, average price inflation rose...
Is July 19th freedom-day?
Next week, many of the present lockdown regulations in England are being relaxed. But cautionary guidance has also been published. It recommends: Meeting in well-ventilated areas where possible, such as outdoors or indoors with windows open. Wearing a face covering where you meet people you do not normally meet in enclosed and crowded spaces. Washing your hands with soap and water or using...
Muras Matters: July 2021 Self-Assessment Payment on Account
Background Taxpayers registered under Self Assessment will need to make their second payment on account for 2020/21 by the deadline of 31 July 2021. This second payment on account is based on 50% of an individual’s combined Self Assessment tax and class 4 NIC liability for the 2019/20 tax year. There can be beneficial cash flow opportunities however where the actual liability...
Business rates overall for England
One of the largest fixed costs associated with business premises are rates payments to local authorities. The present system for reviewing rates in England is somewhat antiquated, the last review in England was 2017. The government had previously undertaken to move to more frequent revaluations, having introduced legislation to bring forward the next revaluations to 2021 - based on 2019 property values....
Furlough support changed 1 July 2021
Employers will need to start contributing to work not done by furloughed employees from 1 July 2021. The update from HMRC is reproduced below: From 1 July 2021, the level of grant will be reduced, and you will be asked to contribute towards the cost of your furloughed employees’ wages. To be eligible for the grant you must continue to pay your...
Muras Matters: Off Payroll Working in the Private Sector
Background Most readers will be aware that the rules for off payroll working, commonly referred to as ‘IR35’, were extended by HM Revenue & Customs (HMRC) to include the private sector for all except small businesses with effect from 6 April 2021. For those who may have overlooked the extension of the rules, this week’s Muras Matters provides a general reminder. The...