May 10

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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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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Business rates relief blog

Business rates relief extended with £1.5 billion fund

The government is to extend business rates relief with a £1.5 billion fund targeted at those businesses unable to benefit from the current COVID-19 support. Retail, hospitality and leisure businesses have not been paying any rates during the pandemic, as part of a 15 month-long relief which runs to the end of June this year. […]

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Advisory fuel rates for company cars blog

Mar 15

Advisory fuel rates for company cars March 2021

New company car advisory fuel rates have been published and took effect from 1 March 2021. The guidance states: ‘You can use the previous rates for up to one month from the date the new rates apply’. The rates only apply to employees using a company car. The advisory fuel rates for journeys undertaken on […]

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Borrowers of Bounce Back loans given six more months for repayments

Businesses that took out government-backed Bounce Back loans to get through the coronavirus (COVID-19) pandemic will now have greater flexibility to repay their loans, the government has announced. The Pay as You Grow repayment flexibilities now include the option to delay all repayments for a further six months. This means businesses can choose to make […]

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Domestic VAT reverse charge comes into effect on 1 March blog

Domestic VAT reverse charge comes into effect on 1 March

The twice-delayed introduction of the domestic VAT reverse charge for construction services came into effect on 1 March 2021. The change was originally scheduled to come into effect from 1 October 2019 but was deferred for 12 months after industry bodies highlighted concerns about the lack of preparation and the impact on businesses. It was […]

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HMRC clarifies off-payroll rules blog

HMRC clarifies off-payroll rules

HMRC has published a briefing on its approach to the changes to off-payroll working rules, commonly known as IR35, which will be introduced on 6 April 2021. Reiterating its advice from last year, HMRC has confirmed that it will not issue penalties for inaccuracies in the first 12 months of the regime, unless there is […]

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Online service opens for VAT deferral scheme

HMRC has announced that businesses that deferred VAT payments last year can now join the new online VAT Deferral New Payment Scheme to pay it in smaller monthly instalments. To take advantage of the new payment scheme businesses will need to have deferred VAT payments between March and June 2020, under the VAT Payment Deferral […]

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Late payment penalties for Self Assessment waived until 1 April blog

Late payment penalties for Self Assessment waived until 1 April

HMRC has announced that Self Assessment taxpayers will not be charged a 5% late payment penalty if they pay their tax or set up a payment plan by 1 April. The payment deadline for Self Assessment is 31 January and interest is charged from 1 February on any amounts outstanding. Normally, a 5% late payment […]

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Business groups welcome Budget blog

Business groups welcome Budget

Business groups welcomed the Chancellor’s Budget for protecting the economy now and kickstarting recovery from the COVID-19 pandemic. Tony Danker, Director General of the CBI, said: ‘The Chancellor has gone above and beyond to protect UK businesses and people’s livelihoods through the crisis and get firms’ spending. ‘Thousands of firms will be relieved to receive […]

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Mar 04

BUDGET 3 MARCH 2021

This Summary covers the key tax changes announced in the Chancellor’s speech for the Budget dated 3rd. March 2021 Please download our comprehensive Budget for March 2021 here

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Feb 15

Supreme Court backs small firms on business interruption claims

The UK’s Supreme Court has found in favour of small firms receiving payments from COVID-19 business interruption insurance policies. The test case was brought against insurers by the Financial Conduct Authority (FCA). The ruling means that thousands of small businesses are now set to receive insurance payouts covering losses from the first national lockdown. Commenting […]

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Government urged by CBI to act on COVID business support ahead of Budget

The Confederation of British Industry (CBI) has urged the government to provide more financial assistance to businesses affected by the coronavirus (COVID-19) pandemic ahead of the Budget on 3 March 2021. The business group has outlined support measures required to help protect UK businesses through the spring. It has called for: an extension of the […]

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