Four things you need to know about tax, 6 November 2020

Nov 05, 2020

Irish stories this week cover the publication of TWSS employers on the Revenue website and the reduced VAT rate for the tourism and hospitality sector, as provided for in Budget 2021, is now in effect. In UK developments, the UK Government extended the furlough scheme to March and increased the Self-Employed Income Support Scheme. While in international tax, the European Commission has extended the relief from customs duties and VAT on the importation of personal protective equipment and medical equipment from outside the EU and is proposing further VAT reliefs for hospitals and medical practitioners. 

Ireland

  1. Revenue published the names and addresses of employers who availed of the TWSS last week;
  2. The VAT rate for the tourism and hospitality sector reduced from 13.5 percent to 9 percent on 1 November;

    UK

  3. The UK Government has just announced that workers across the United Kingdom will benefit from increased support with a five-month extension of the furlough scheme into Spring 2021. The Coronavirus Job Retention Scheme (CJRS) will now run until the end of March with employees receiving 80 percent of their current salary for hours not worked.  Similarly, support for workers through the Self-Employment Income Support Scheme (SEISS) will be increased, with the third grant covering November to January calculated at 80 percent of average trading profits, up to a maximum of £7,500.  For further details see here

    International

  4. The European Commission announced an extension to the relief from customs duties and VAT on the importation of PPE and medical equipment from Third Countries. A new proposal for relief from VAT on vaccines and testing kits for COVID-19 for hospitals and medical practitioners is also included.