Effectiveness of OTS set to be reviewed by Treasury blog-100

Jun 11

Effectiveness of OTS set to be reviewed by Treasury

The Treasury has launched a review into the effectiveness of the Office of Tax Simplification (OTS), the independent body responsible for helping to make the UK tax system simpler and easier to interact with for taxpayers. In a new call for evidence, the Treasury said that whilst the review is internal, it is keen to […]

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Government confirms start date for Plastic Packaging Tax blog-100

Government confirms start date for Plastic Packaging Tax

The UK government has confirmed that its plastic packaging tax (PPT) will come into force on 1 April 2022. The PPT will be charged at a rate of £200 per metric ton of chargeable plastic packaging components of a single specification. It will apply to plastic packaging components manufactured in or imported into the UK. […]

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NIC reliefs set for Freeports blog-100

NIC reliefs set for Freeports

Freeport operators will be able to take advantage of a zero rate of secondary national insurance contributions (NICs) for employees, the government has announced. The National Insurance Contributions Bill 2021, which legislates reliefs for those operating in Freeports, has now been published. The Bill confirms that from April 2022, organisations with employees spending 60% or […]

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HMRCs VAT Deferral New Payment Scheme to close this month blog-100

HMRC’s VAT Deferral New Payment Scheme to close this month

Businesses that deferred VAT payments last year have a week left to join online and pay in monthly instalments under the VAT Deferral New Payment Scheme, HMRC has warned. The online portal for the new payment scheme will close on 21 June 2021. Over half a million businesses deferred £34 billion in VAT payments due […]

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Fifth SEISS grant will be open to claims from late July blog-100

Fifth SEISS grant will be open to claims from late July

HMRC has confirmed that the fifth Self-employment Income Support Scheme (SEISS) grant covering the period May 2021 to September 2021 will open to claims from late July. To be eligible for the grant, an individual must be self-employed or a member of a partnership. They must have traded in the tax year 2019/20 and submitted […]

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Pension fraud increased to £1.8 million in first blog

May 10

Pension fraud increased to £1.8 million in first quarter of 2021

Losses from pension fraud rose to £1.8 million in the first three months of this year, according to figures from Action Fraud. 107 reports of pension fraud were made in the first quarter of 2021, an increase of almost 45% when compared to the same period in 2020. Pension scams often include free pension reviews, […]

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HMRC sets out penalty regime for SEISS abuse Blog

HMRC sets out penalty regime for SEISS abuse

The fourth Self-Employed Income Support Scheme (SEISS) grant is now live and HMRC has set out the penalties for abuse of the scheme. An overclaimed SEISS grant includes any amount of grant which the self-employed individual was not entitled to receive or was more than the amount HMRC said the applicant was entitled to when […]

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New claims required for home working tax relief blog

New claims required for home working tax relief

Employees who are working from home will need to make new claims for tax relief for the 2021/22 tax year, HMRC has stated. From 6 April 2020, employers have been able to pay employees up to £6 a week tax-free to cover additional costs if they have had to work from home. Employees who have […]

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New 95% mortgage scheme launched blog

New 95% mortgage scheme launched

On 19 April, a government-backed mortgage scheme to help people with 5% deposits get on to the housing ladder was made available to lenders. First announced at the 2021 Budget, the scheme will help first-time buyers or current homeowners secure a mortgage with just a 5% deposit to buy a house worth up to £600,000. […]

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CBI calls for extension of Kickstart Scheme as jobs market remains subdued blog

CBI calls for extension of Kickstart Scheme as jobs market remains subdued

The Confederation of British Industry (CBI) has urged the government to extend the Kickstart Scheme to help young people who are bearing the brunt of the subdued job market. The Kickstart Scheme was launched in September and promised to pay the wages and associated employment costs for businesses taking on 16 to 24-year-olds in receipt […]

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Recent changes to IR35 ‘undermine the self-employed’, says IPSE

The Association of Independent Professionals and the Self-Employed (IPSE) has stated that the recent changes to the rules relating to off-payroll workers, commonly known as IR35, ‘undermine the self-employed at the worst possible time’. The changes to IR35 took effect on 6 April 2021 and shifted responsibility for making the decision on employment status on […]

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Recovery Loan Scheme opens to businesses blog

Recovery Loan Scheme opens to businesses

On 6 April, the Recovery Loan Scheme (RLS) was introduced to replace the government’s coronavirus lending schemes. The RLS provides financial support to businesses affected by the COVID-19 pandemic. The scheme gives lenders a guarantee of 80% on eligible loans between £25,000 and £10 million to give them confidence in continuing to provide finance to […]

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Fourth self-employed grant open for online applications blog

Fourth self-employed grant now open for online applications

On 21 April, the online service for applications for the fourth Self-employment Income Support Scheme (SEISS) grant was opened for claims, HMRC confirmed. All applications must be submitted by the individual self-employed worker and cannot be handled by accountants or tax advisers. The fourth grant will be 80% of three months’ average trading profits, to […]

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ICAEW Rethink blog

Apr 12

ICAEW urges HMRC to rethink quarterly reports under MTD for corporation tax

The Institute of Chartered Accountants in England and Wales (ICAEW) has urged HMRC to rethink the requirement for companies to report quarterly under Making Tax Digital for corporation tax (MTD for CT). In response to HMRC’s consultation on expanding the MTD initiative to corporation tax, the ICAEW suggested that HMRC should reconsider reporting requirements ‘at […]

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EV GRANT CUTS blog

UK cuts electric vehicle grants by £500

The government has cut the Plug-in Car Grant and Van & Truck Grant by £500 and lowered the pricing cap on qualifying electric vehicles. The Department for Transport will now provide grants of up to £2,500 for electric vehicles on cars priced under £35,000. This is a reduction from the current £3,000 available for vehicles […]

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Minimum wage blog

National Minimum and Living wages increases

UK workers are set to benefit from rises in the National Minimum Wage (NMW) and the National Living Wage (NLW) rates that took effect from 1 April 2021. The NMW which applies to 21 and 22 year-olds has risen from £8.20 to £8.36 and the NLW has risen from £8.72 to £8.91. 23 and 24-year-olds […]

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Chancellor approves grants for businesses closed by lockdown blog

HMRC publishes details of final grants for self-employed

HMRC has published details of the eligibility criteria of the final two grants available under the coronavirus (COVID-19) Self-employment Income Support Scheme (SEISS). At the 2021 Budget it was confirmed that the fourth SEISS grant will be set at 80% of three months’ average trading profits, paid out in a single instalment, capped at £7,500. […]

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£20 milllion brexit blog

£20 million SME Brexit Support Fund opens for applications

The UK government has unveiled a £20 million Brexit support package to help small and medium-sized enterprises (SMEs) with changes to customs and tax rules when trading with the EU. The SME Brexit Support Fund aims to help businesses prepare for the implementation of further import controls which come into force later this year. Businesses […]

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Finance bill blog

Government publishes details of Finance Bill 2021

The details of the Finance Bill 2021 have been published by the government. The Bill outlines the key measures set to be brought into legislation, including many measures announced in the recent 2021 Budget. In his Budget speech, Chancellor Rishi Sunak announced an extension of the stamp duty holiday in England; a super-deduction capital allowance; […]

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Tax Day Blog

Consultations launched on UK’s first Tax Day

The government has published over 30 updates, consultations and documents on the UK’s first ever Tax Day. The announcements, which would traditionally be published at Budget, have been released later to allow for scrutiny from stakeholders. It was announced that HMRC will tighten rules to force holiday let landlords to prove they have made a […]

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