Money laundering supervision payment deferrals and deregistration announced by HM Revenue & Customs

Businesses that require money laundering supervision from HM Revenue & Customs (HMRC) can receive a six-month payment deferral or deregistration where an annual fee is due between 1 May and 30 September 2020, it has been announced. HMRC is the money laundering supervisory authority for: money service businesses not supervised by the Financial Conduct Authority…

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Tax treatment of expenses and benefits during COVID-19

The Government has updated its guidance on taxable expenses and benefits when they are paid to employees during the Coronavirus crisis and how employers should report them to HM Revenue & Customs (HMRC). The new guidance provided relates to income tax treatment only and not National Insurance Contributions, which may vary depending on the individual…

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Temporary tax freeze on home office expenditure announced

The Government has announced a temporary tax and National Insurance Contribution (NIC) exemption that ensures that home office equipment purchased by employees, where reimbursed by the employer, does not attract tax or NICs. Jesse Norman, financial secretary to the Treasury, announced in a statement to the House of Commons that the temporary exemption will affect…

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Coronavirus Future Fund opens to applications

The Future Fund, which offers convertible loans of between £125,000 and £5 million to innovative companies facing financial difficulties as a result of the COVID-19 pandemic has opened. The fund is designed to support UK-based companies that have acquired at least equal match funding from private investors. Aimed specifically at businesses that typically rely on…

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