We bring you the latest news from Government, the legislation you need to know, and what’s going on in the wider GCMA world… This week: HMRC issue their monthly updates on the Coronavirus Job Retention Scheme and the VAT Deferral New Payment Scheme CORONAVIRUS JOB RETENTION SCHEME The deadline for Coronavirus Job Retention Scheme claims for periods in May is Monday, June 14. The government will continue to pay 80 per cent of employees’ usual wages for the hours not worked, up to a cap of £2,500 per month, up to the end of June. From that point, CJRS grants will cover 70 per cent of employees’ usual wages for the hours not worked, up to a cap of £2,187.50. In August and September, this will then reduce to 60 per cent up to a cap of £1,875. HMRC say employers must continue to pay furloughed employees "at least 80 per cent of their usual wages for the hours they do not work during this time, up to a cap of £2,500 per month. This means, for periods between July and September 2021, you will need to fund the difference between this and the Coronavirus Job Retention Scheme grants yourself". They add: "You must also pay the associated employee tax and National Insurance contributions to HMRC. If you do not do that, you’ll need to repay the whole of the Coronavirus Job Retention Scheme grant, as this is a condition of applying for the grant." For detailed CJRS guidance, click here. VAT DEFERRAL NEW PAYMENT SCHEME Those clubs that deferred VAT payments between March 20 and June 30 last year, and have payments to make, can still use the online VAT Deferral New Payment Scheme to pay in smaller instalments. But the scheme closes on June 21, 2021 and those who want to participate must sign up before this date. HMRC say: "You may be charged a 5% penalty and/or interest if you do not either pay in full, sign up to the scheme online before the scheme closes or get in touch with us to make an arrangement to pay by 30 June 2021." The scheme lets businesses pay deferred VAT interest free in equal monthly instalments. Those who join by June 21 can pay in up to eight instalments. Those that have a Time to Pay arrangement in place cannot use the online scheme but should contact HMRC if they need to amend that arrangement. For more about the scheme, and what you need to do before joining, click here. Do you subscribe to the GCMA's weekly E-newsletter? Make sure you're not missing out on the latest in the world of golf club management. Click here to join in.
This is member only content
Please LOGIN to read the full
Not a member? Please click here to join today.