• Current students
      • Student centre
        Enrol on a course/exam
        My enrolments
        Exam results
        Mock exams
      • Course information
        Students FAQs
        Student induction
        Course enrolment information
        Key dates
        Book distribution
        Timetables
        FAE Elective Information
      • Exams
        Exam Info: CAP1
        E-assessment information
        Exam info: CAP2
        Exam info: FAE
        Reasonable accommodation and extenuating circumstances
        Timetables for exams & interim assessments
        Interim assessments past papers & E-Assessment mock solutions
        Main examination past papers
        Information and appeals scheme
        JIEB: NI Insolvency Qualification
      • CA Diary resources
        Mentors: Getting started on the CA Diary
        CA Diary for Flexible Route FAQs
      • Admission to membership
        Joining as a reciprocal member
        Conferring dates
        Admissions FAQs
      • Support & services
        Recruitment to and transferring of training contracts
        CASSI
        Student supports and wellbeing
        Learning Hub data privacy policy
        Online Payment FAQs
        Audit qualification
    • Students

      View all the services available for students of the Institute

      Read More
  • Becoming a student
      • About Chartered Accountancy
        The Chartered difference
        What do Chartered Accountants do?
        5 Reasons to become a Chartered Accountant
        Student benefits
        School Bootcamp
        Third Level Hub
        Study in Northern Ireland
        Events
        Blogs
        Member testimonials 2021
        Become a Chartered Accountant podcast series
      • Entry routes
        College
        Working
        Accounting Technicians
        School leavers
        Member of another body
        International student
        Flexible Route
        Training Contract
      • Course description
        CAP1
        CAP2
        FAE
        Our education offering
      • Apply
        How to apply
        Exemptions guide
        Fees & payment options
        External students
      • Training vacancies
        Training vacancies search
        Training firms list
        Large training firms
        Milkround
        Training firms update details
        Recruitment to and transferring of training contract
        Interview preparation and advice
        The rewards on qualification
        Tailoring your CV for each application
        Securing a trainee Chartered Accountant role
      • Support & services
        Becoming a student FAQs
        Who to contact for employers
        Register for a school visit
    • Becoming a
      student

      Study with us

      Read More
  • Members
      • Members Hub
        My account
        Member subscriptions
        Annual returns
        Application forms
        CPD/events
        Member services A-Z
        District societies
        Professional Standards
        Young Professionals
        Careers development
      • Members in practice
        Going into practice
        Managing your practice FAQs
        Practice compliance FAQs
        Toolkits and resources
        Audit FAQs
        Other client services
        Practice Consulting services
        What's new
      • Overseas members
        Working abroad
        Working in Australia
        Overseas members news
        Tax for returning Irish members
      • In business
        Networking and special interest groups
        Articles
      • Public sector
        Public sector news
        Public sector presentations
      • Support & services
        Letters of good standing form
        Member FAQs
        AML confidential disclosure form
        CHARIOT/Institute Technical content
        TaxSource Total
        Audit Qualification requirements
        Pocket diaries
        Thrive Hub
    • Members

      View member services

      Read More
  • Employers
      • Training organisations
        Authorise to train
        Training in business
        Manage my students
        Incentive Scheme
        Recruitment to and transferring of training contracts
        Securing and retaining the best talent
        Tips on writing a job specification
      • Training
        In-house training
        Training tickets
      • Recruitment services
        Hire a qualified Chartered Accountant
        Hire a trainee student
      • Non executive directors recruitment service
      • Support & services
        Hire members: log a job vacancy
        Firm/employers FAQs
        Training ticket FAQs
        Authorisations
        Hire a room
        Who to contact for employers
    • Employers

      Services to support your business

      Read More
☰
  • Find a firm
  • Jobs
  • Login
☰
  • Home
  • Knowledge centre
  • Professional development
  • About us
  • Shop
  • News
Search
View Cart 0 Item

News

  • Home/
  • News
☰
  • News
  • News archive
    • 2020
    • 2019
  • Press releases
    • 2022
    • 2021
    • 2020
  • Newsletters
  • Press contacts
  • Media downloads
  • Podcasts Chartered Accountants Ireland
  • Budget day news

COVID-19 support schemes – this week’s updates, 31 May 2021

May 31, 2021

Upcoming CJRS deadlines and the next VAT deferral deadline feature this week. SEISS grant 4 also closes for applications tomorrow Tuesday 1 June 2021.

The CJRS

The deadline to submit CJRS claims for periods in May 2021 is Monday‌‌ ‌14‌ June 2021, unless reasonable excuse is available for late submission. Amendments to April 2021 CJRS claims must be made by Friday 28 May 2021.

The UK Government will continue to pay 80 percent of furloughed employees' usual wages for the hours not worked, up to a cap of £2,500 per month, to the end of June 2021.

Conditions of claiming CJRS grants

Employers are reminded that for the months of May and June they must pay the associated employee tax and National Insurance contributions to HMRC. This is a condition of applying for the grant, so not doing so will mean they’ll need to repay the whole of the CJRS grant and they may not be able to claim for future CJRS grants.

Changes from July

From 1 July 2021, CJRS grants will cover 70 percent of employees' usual wages for the hours not worked, up to a cap of £2,187.50. In August 2021 and September 2021, this will then reduce to 60 percent of employees' usual wages up to a cap of £1,875.

Employers will need to pay the 10 percent difference in July (20 percent in August and September), so that they can continue to pay their furloughed employees at least 80 percent of their usual wages for the hours they do not work during this time, up to a cap of £2,500 per month. Employers continue to be required to pay the associated employee tax and National Insurance contributions to HMRC in these months.

For the hours not worked employers can continue to choose to top up their employees' wages above the 80 percent level or cap for each month, at their own expense.

Furloughing flexibly

Employers don’t need to place all their employees on full furlough. They can use the CJRS flexibly to bring their employees back to work for some of their usual hours. Employers can claim for a portion of their usual wage costs for the hours spent on furlough.

SEISS Grant 4

SEISS Grant 4 is open to all eligible taxpayers. Applications for Grant 4 close tomorrow Tuesday 1‌‌ ‌June‌‌ ‌2021.

Amending tax returns – do you need to pay back some or all of a SEISS grant?

If a self-employed individual makes an amendment to their Self-Assessment (“SA”) return on or after 3‌‌‌ ‌March 2021, they need to check if their eligibility for the SEISS grant has been affected. This new requirement applies to claims for SEISS Grants 4 and 5 only, and amendments made on or after 3‌‌‌ ‌March 2021 to SA returns for tax years between 2016/17 and 2019/20 inclusive.

You must tell HMRC within 90 days if there is an amendment to any of your tax returns on or after 3‌‌‌ ‌March 2021 which either:

  • reduces the amount of Grant 4 you’re eligible for; or 
  • causes you to no longer be eligible for Grant 4.

Taxpayers will then need to pay back some/all of the grant. If you do not tell HMRC within 90 days of submitting the amendment, or receiving payment of the grant (whichever is later), you may also have to pay a penalty.

Taxpayers do not need to tell HMRC if their grant has lowered by £100 or less. If a taxpayer is unsure, they can still tell HMRC about the amendment using the online form.

SA returns can only be amended up to 12 months following the filing date, so this time limit will have passed for most returns between 2016/17 and 2018/19, unless they were issued late.

If returns are amended 'out of time', this will not change the relevant tax return so will not be taken into account for SEISS grants 4 and 5.

Will receiving a SEISS grant affect future tax returns?

SEISS Grants are taxable and are therefore subject to income tax and national insurance. If your clients received any/all of Grants 1-3, these should be included in their 2020/‌‌‌21 SA return which must be submitted online by 31‌‌‌ ‌January 2022. Grants 4 and 5 must be included in 2021/22 SA returns, which should be submitted online by 31‌‌‌ ‌January 2023.

Can taxpayers still claim if they have outstanding SA debt?

As long as they are eligible, taxpayers can still claim the SEISS grant if they have an outstanding debt on their HMRC account from SA.

VAT deferral – next deadline

The VAT deferral new payment scheme is available to businesses who deferred VAT due between 20 March 2020 and 30‌‌ ‌June‌‌ ‌2020 and still have payments to make, or who were unable to pay in full by 31‌‌ March‌‌ ‌2021. This includes those on Payment on Account and Annual Accounting schemes. Businesses must apply on or before 21‌‌ ‌June‌‌ ‌2021 if they want to join the scheme and further defer this VAT.

The later businesses join the fewer instalments are available to them. The final deadline is Monday 21 June 2021 to benefit from making the payment over 8 instalments. Failure to make payment of the deferred VAT in full or to make an arrangement to pay by 30 June 2021 may result in a 5 percent penalty, according to the guidance.

The latest news to your inbox

Useful links

  • Current students
  • Becoming a student
  • Knowledge centre
  • Shop
  • District societies

Get in touch

Dublin HQ

Chartered Accountants
House, 47-49 Pearse St,
Dublin 2, D02 YN40, Ireland

TEL: +353 1 637 7200
Belfast HQ

The Linenhall
32-38 Linenhall Street, Belfast,
Antrim, BT2 8BG, United Kingdom

TEL: +44 28 9043 5840

Connect with us

Something wrong?

Is the website not looking right/working right for you?
Browser support
CAW Footer Logo-min
GAA Footer Logo-min
CCAB-I Footer Logo-min
ABN_Logo-min

© Copyright Chartered Accountants Ireland 2020. All Rights Reserved.

☰
  • Terms & conditions
  • Privacy statement
  • Event privacy notice
  • Sitemap
LOADING...

Please wait while the page loads.