The cash is provided on a per-property basis to support businesses through the latest restrictions, and is expected to benefit over 600,000 business properties, worth £4 billion in total across all nations of the UK.
Chancellor Rishi Sunak said:
The new strain of the virus presents us all with a huge challenge - and whilst the vaccine is being rolled out, we have needed to tighten restrictions further.
Throughout the pandemic we’ve taken swift action to protect lives and livelihoods and today we’re announcing a further cash injection to support businesses and jobs until the Spring.
This will help businesses to get through the months ahead – and crucially it will help sustain jobs, so workers can be ready to return when they are able to reopen.
Back to Contents
Tax treatment of COVID-19 tests 11 January 2021
HMRC has updated guidance in relation to how to treat certain expenses and benefits provided to employees during coronavirus (COVID-19), to include additional information on the tax treatment of COVID-19 tests.
The updated information page confirms that, where coronavirus tests are provided by the government, as part of its national testing scheme, they will not be treated as a benefit in kind for the purposes of tax. What this means is that, where businesses employ healthcare workers or any other front-line staff who are eligible to receive a test through this programme, no tax is due and there is no requirement to report a benefit to HMRC.
There is further information on the scheme available, which advises essential workers on how they can get a coronavirus test.
Where businesses offer antigen test kits to their employees outside of the national testing scheme, irrespective if this is done directly or through buying tests carried out by a third party, then no tax or Class 1A National Insurance (NI) contributions will be due. Additionally, employers and their employees will not be required to pay tax or NI contributions in scenarios where an employee receives money from their employer for purchasing a test.
Guidance will be updated in due course, and the government is currently legislating for this through regulations.
Back to Contents
Claim portal for third SEISS grants open until 29 January 2021 11 January 2021
Those intending to make a claim in relation to the third Self-Employment Income Support Scheme (SEISS) grant have until midnight on 29 January 2021 to do so. Claims can be made via the GOV.UK website.
Those people whose business has seen reduced demand or has been temporarily unable to trade as a result of coronavirus since 1 November 2020 will be eligible for the third grant but must also confirm that they reasonably believe that any reduced demand or inability to trade from 1 November 2020 – 29 January 2021 will lead to a substantial reduction in trading profits, in comparison to what they otherwise would have expected to have achieved. Guidance on eligibility is available on GOV.UK. Anyone planning to complete a claim for the third SEISS grant is advised to do this themselves, as if somebody else submits the claim on their behalf, there could be delays to payments due to a fraud alert that is likely to be triggered in the system. Where a claimant is uncertain about any element of the SEISS, they are encouraged to seek advice from tax advisors but must not allow them to actually complete the claim.
The Chartered Institute of Payroll Professionals
Payroll: need to know
cipp.org.uk
Page 173 of 590
Made with FlippingBook - Online magazine maker