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COVID-19 Business Update: 22nd November 2021
This COVID-19 update discusses claiming back Statutory Sick Pay paid to employees due to COVID-19 and reporting CJRS furlough grants and overpayments on the CT600 (Corporation Tax Return).
Check if You Can Claim Back Statutory Sick Pay Paid to Employees Due to COVID-19
The guidance on the Coronavirus Statutory Sick Pay Rebate Scheme to claim back employees' coronavirus-related Statutory Sick Pay (SSP) has been updated.
The state aid limits section has been updated and since 1st January 2021, EU state aid rules no longer apply in the UK, except for aid in-scope of the Northern Ireland Protocol and Structural Funds.
Click here to find out more.
Report CJRS Furlough Grants and Overpayments on Corporation Tax Return CT600
The latest version of the CT600 Corporation Tax Return updated on 15th November 2021 requires companies to report CJRS furlough payments received and the amounts that the company was entitled to during the period in boxes 471 and 472. Where any overpayments have already been disclosed to HMRC that amount should be reported in box 473. If the company has overclaimed “Eat Out to Help Out” grants that amount should be reported in box 474.
The total amount overclaimed should then be entered in box 526. This amount will be assessed for income tax. HMRC will write to companies with the reference number and payment details. This is not corporation tax so you must not pay this with your main corporation tax liability.
For full details click here to read more.
Please note that this update is correct as of the 22nd November 2021. If you have any questions on the topics discussed, please don't hesitate to get in contact.