Oct 31

Autumn 24 Budget Summary

This Summary covers the key tax changes announced in the Chancellor’s speech and includes tables of the main rates and allowances. At the back of the Summary you will find a calendar of the tax year with important deadline dates shown. We recommend that you review your financial plans regularly as some aspects of the […]

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hmrc clarifies blog

May 07

HMRC clarifies tax rules for WFH commuting

HMRC has updated guidance on when tax relief is available on travel expenses for staff who work from home. The tax authority is responding to the growth of flexible or hybrid basis working contracts, particularly since the Covid-19 pandemic. HMRC confirmed that ‘under such arrangements, the employee will have a base office and journeys from […]

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Jan 12

Businesses say hybrid working is here to stay

Less than 30% of firms expect their workforce to fully return to the workplace over the next five years, according to research by the British Chambers of Commerce (BCC). The survey of over 1,000 businesses found just 27% of respondents predict their employees will be fully physically present in the workplace over the next five […]

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Oct 09

Government slow to recover over £1 billion Covid grant fraud

The government has been slow to recover losses of £1.1 billion from fraud and error in Covid grant schemes, according to MPs in the Public Accounts Committee (PAC). The latest PAC report found that after spending £22.6 billion on business support schemes during the pandemic, the government had only recovered £20.9 million of the estimated […]

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PAC criticises government for billions lost to error and fraud - blog

May 11

PAC criticises government for billions lost to error and fraud

The Public Accounts Committee (PAC) has criticised the government for losing billions of taxpayers’ money to fraud and error in pandemic support. The Department for Business and Trade (DBT) is ‘effectively writing off’ nearly £1 billion paid out erroneously by local authorities on its behalf in pandemic support. Meanwhile, of an estimated £2.2 billion lost to […]

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Nov 18

Autumn Statement 2022

Further to the new chancellor Jeremy Hunt’s delivery of the Autumn statement yesterday, I attach a summary of what he announced, please do note that some of the information contained will apply to England only. Click here to download Further guidance for Wales/Scotland/Ireland can be found on www.Gov.uk.

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Nov 09

British Business Bank lending now exceeds £12 billion

The British Business Bank (BBB) was supporting £12.2 billion of lending to over 96,000 businesses at the end of March 2022, according to its annual report. As part of its role in reducing regional imbalances the BBB was deploying £900 million of finance and supporting almost 83,000 businesses outside London at the end of March […]

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Aug 05

Pandemic-born businesses could add £20.4 billion to UK economy

More than £20 billion could be added to the UK economy in the future from the number of additional businesses created during the pandemic, according to research carried out by the Confederation of British Industry (CBI). Around 800,000 companies were registered in the first year of the pandemic, a 22% increase compared with the previous year. […]

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IoD calls for extension of capital allowances super-deduction

The Institute of Directors (IoD) has called on the government to extend the capital allowances super-deduction. Data published by the IoD found that the super-deduction has had ‘a positive and measurable impact’ since it was introduced at Budget 2021. The data showed that 13% of firms reported that the super-deduction had had a direct impact […]

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Recovery Loan Scheme to be relaunched

The Recovery Loan Scheme (RLS) will be relaunched during August 2022 as the government aims to continue supporting recovering small businesses. The RLS launched in April 2021 and was originally scheduled to run until 31 December 2021. At Autumn Budget 2021, the government extended the scheme by six months to 30 June 2022 and made some […]

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Jul 12

Latest guidance for employers July 2022

HMRC has published the latest issue of the Employer Bulletin. The June issue has information on various topics, including: PAYE paying Class 1A National Insurance contributions due on 22 July 2022 Enterprise Management Incentive: Covid-19 easement ending Save as You Earn: Covid-19 easement ending guidance on how tips, gratuities and service charges are taxed. Please […]

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MTD for income tax pilot extended

HMRC is extending the pilot for Making Tax Digital for Income Tax Self Assessment (MTD ITSA) to more self-employed workers and landlords. From July, those taking part will be able to test MTD ITSA before April 2024, including their own internal processes for managing MTD. Agents and customers are already taking part, and HMRC wants more […]

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Jun 10

HMRC issues £14 million in penalties for minimum wage offences

HMRC issued 580 penalties totalling over £14 million for minimum wage offences during 2020/21, according to a report released by the Department for Business, Energy and Industrial Strategy (BEIS). The penalties given out for national minimum wage (NMW) and national living wage (NLW) offences have dropped by £4.5 million from the year before, which saw 992 penalties worth £18.5 […]

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New law to protect access to cash announced in Queen’s Speech

New laws to protect access to cash and help victims of financial scams were announced in the Queen’s Speech at the state opening of parliament on 10 May. The new Financial Services and Markets Bill will ensure the continued availability of withdrawal and deposit facilities across the UK. The Bill will also enable the Payment Systems […]

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Number of firms in critical financial distress rises sharply

A growing number of UK businesses are at risk of going under as costs spiral and Covid loan repayments become due, according to a report from insolvency firm Begbies Traynor. Although COVID restrictions have been lifted, some firms are still feeling the impact of disruptions to supply chains, and the price of energy and other inputs […]

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May 16

Government inaction on long COVID could cost billions

There are now more than a million workers missing from the workforce compared to pre-pandemic figures, according to a report published by the IPPR think tank. About 400,000 of these are no longer working because of health factors relating to the pandemic, including long Covid, according to the IPPR. The report suggests that unresolved, this ‘will drag […]

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Latest guidance for employers April 2022

HMRC has published the latest issue of the Employer Bulletin. The April issue has information on various topics including: Forthcoming deadlines Claiming employment allowance from April 2022 Student loans Coronavirus updates and information Official rate of interest Hybrid working. Small businesses are being invited to share their views of the tax system through the Tell […]

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Sage Easter Blog

Apr 08

Sage and Co Easter Opening Hours 2022

Easter Opening Hours This Easter we have decided to treat our fabulous team to an additional break, so our offices will be closed from 5pm Wednesday 13 April 2022 and will reopen Tuesday 19 April 2022 at 9am. Happy Easter from everyone at Sage & Company

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Mar 25

Spring Budget Announcement

On the 23rd. March 2022 The Chancellor announced his spring budget statement. Click here to download our report on it.

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Mar 16

Over a million take advantage of extra time to file self assessment returns

HMRC has revealed that more than one million taxpayers filed their late tax returns in February – taking advantage of the extra time to complete their self assessment without facing a penalty. About 12.2 million taxpayers were expected to file a return for the 2020/21 tax year and more than 11.3 million submitted their returns […]

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