“We are supporting jobs by giving more breathing space to up to 11 million Self-Assessment taxpayers when managing their tax affairs.
Enhancing Time to Pay should ease the financial burdens and protect the livelihoods of these taxpayers, as they navigate the months ahead .”
There are more than 11 million individuals who complete a Self-Assessment tax return each year. Once they have completed their tax return for the 2019 to 2020 tax year, those who have payments to make may have the option of using the online self-serve Time to Pay facility through GOV.UK to set up a direct debit and pay any tax that is owed in monthly instalments, up to a 12-month period. HMRC have estimated that around 95% of Self-Assessment individuals who are due to make payments on 31 January 2021 could qualify to implement a Time to Pay arrangement using the self-serve Time to Pay facility online, without needing to speak to an HMRC adviser.
Those who wish to set up their own self-serve Time to Pay arrangements must meet the following requirements:
• They need to have no outstanding tax returns, no other tax debt and no other HMRC payment plans in place • The debt needs to be between £32 and £30,000 • The payment plan will need to be set up no later than 60 days after the due date of the debt
If using self-serve Time to Pay, individuals will be required to pay any interest on the tax owed and it will be applied to any outstanding balance from 1 February 2021.
As ever, please be aware of scams claiming to be from HMRC, offering to help you set up payment plans to pay any tax owed. These scams are trying to gather your details to steal your money. Check GOV.UK for information on how to recognise genuine HMRC contact. Please send any emails that you believe to be a scam to phishing@hmrc.gov.uk
Back to Contents
Guidance published on the Job Retention Bonus 5 October 2020
The Job Retention Bonus (JRB) is a £1,000 one-off taxable payment to employers, for each eligible employee that had been furloughed successfully at any time from 1 March 2020 to 31 October 2020 and kept that employee in meaningful continuous employment until 31 January 2021. HMRC has now issued detailed guidance on this scheme. Eligible employers will be able to claim the bonus payment between 15 February 2021 and 31 March 2021 and further details on how you can claim via an online submission will be published by the end of January 2021. It is important to note, that any monies claimed via the JRB do not have to be repaid to the employee whom you claimed for.
Who can claim?
Employers can claim the bonus if they are an employer who has furloughed employees and made an eligible claim for them through the Coronavirus Job Retention Scheme (CJRS). The employee must have been eligible for the CJRS grant to be eligible for the bonus payments and employers are also able to make a claim for the same employee through the Job Support Scheme (JSS), meaning that they will run along side one another.
Employers will be unable to claim the bonus for any employees that have not been paid using the CJRS grant because the grants have been repaid, regardless of the reason why an employer repaid the grant amounts.
Which employees can be claimed for?
Employees that can be claimed for:
• Have had an eligible claim for under the Coronavirus Job Retention Scheme for them • Has been in continuous employment from the end of the claim period of the last Coronavirus Job Retention Scheme claim for them, until 31 January 2021
The Chartered Institute of Payroll Professionals
Payroll: need to know
cipp.org.uk
Page 144 of 590
Made with FlippingBook - Online magazine maker