News

HMRC unveils penalty regime for VAT deferral scheme
17 May 2021

Companies that signed up to the VAT deferral scheme have been warned they face a five per cent penalty if they do not make payment arrangements by 30 June this year. Over half a million businesses deferred VAT payments last year. HM Revenue & Customs (HMRC) has confirmed that companies will be liable for the penalty or interest...
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COVID forces businesses to change direction
17 May 2021

The devastating effects of the pandemic have meant small businesses in the UK have changed the direction of their organisations to survive the impact of the Coronavirus pandemic and lockdown restrictions. More than a year on from the start of the first official national lockdown and with the country currently slowly exiting...
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Workers can continue to claim home working tax allowance in the new tax year
17 May 2021

One unexpected bonus for staff forced to work from home because of the pandemic has been a £6 per week tax break. People will have seen their household bills naturally go up over the last year, from increased working at home and the Government has recognised this.
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Reimbursed expenses – What you need to know
17 May 2021

In most cases, expenses an employee incurs at work are paid for by their employer, but some, like travel and accommodation expenses, are reimbursed later by the employer. Since 2016, the system for reimbursed expenses has been simplified, which means that HM Revenue & Customs (HMRC) will usually accept that business expenses...
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HMRC to tackle SEISS abuse with new penalty regime
17 May 2021

With the fourth round of the Self-Employment Income Support Scheme (SEISS) now well underway, HM Revenue & Customs has announced tough new fines for those that abuse the financial support on offer. The new penalty regime is aimed at those who have overclaimed the SEISS grant, which includes any amount of grant...
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New Debt Respite Scheme launched
17 May 2021

A new Debt Respite Scheme, designed to give a debtor with problem debt the right to legal protection from their creditors, is now available. The new scheme consists of two new two types of ‘breathing space’: A standard breathing space – Available to anyone with problem debt, which offers legal protection from creditor action...
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National Insurance relief launches for employers that hire veterans
17 May 2021

Employers that hire veterans in their first employment after leaving the armed forces are now entitled to National Insurance (NI) relief up to the upper secondary threshold for one year. The relief, announced at the 2020 Budget, came into effect in April and applies to all veterans of the regular armed forces who have...
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New advice on EU imports customs declarations
14 May 2021

New Government advice will help traders submit customs import declarations for non-controlled goods imported from the EU, it has been announced. The report comes after HM Revenue & Customs (HMRC) wrote to more than 200,000 businesses reminding them of their new tax and customs obligations now that the UK has officially left the EU.
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What are Freeports and how do they help businesses?
14 May 2021

Eight new Freeports will create hubs for trade and help “regenerate” communities across Britain, the Queen’s Speech 2021 has confirmed. But what are Freeports? And how could they help your business? In this blog, we’ve covered everything you need to know about Freeports.
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How will Brexit affect your overseas property, pensions and investments?
06 May 2021

Since leaving the European Union in December last year, much of the focus has been on how it will affect your business. But what about your personal assets? In this blog, we will look at the key changes affecting property, investments and other personal assets based in the EU.
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