News
Calculating Coronavirus Job Retention Scheme claims for annually paid directors
28 January 2021
Small company directors that were not able to claim under the Coronavirus Job Retention Scheme (CJRS) because they paid themselves an annual salary in March 2020 may now be eligible to claim under the scheme. Many directors missed the cut-off date on 19 March 2020 to be eligible for the first and second iterations of the furlough scheme.
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HMRC waives penalties for Self-Assessment returns filed by 28 February – but payment deadline remains
28 January 2021
HM Revenue & Customs (HMRC) has announced that any Self-Assessment taxpayers who miss the 31 January 2021 tax return deadline will not receive late filing penalties if they file online by 28 February 2021, although the 31 January 2021 payment deadline remains. Taxpayers who do not pay any outstanding balance on their 2019-20 tax...
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Requests for exemption from publication of furlough claims must be submitted by Monday 25 January
22 January 2021
HM Revenue & Customs (HMRC) has confirmed that the final deadline for employers to request an exemption from the publication of furlough claims will be this coming Monday 25 January 2021. Shortly after it was announced in the autumn that the Coronavirus Job Retention Scheme (CJRS) would be extended and reset to resemble the original...
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Only a few days are left to submit applications for the third SEISS grant
22 January 2021
Any applications for the latest round of the Self Employment Income Support Scheme (SEISS) must be submitted by the deadline on 29 January 2021. This grant offers a taxable support payment equal to 80 per cent of the average of three months’ trading profits (up to a maximum of £7,500) to eligible individuals.
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What could Budget 2021 have in store?
21 January 2021
The UK Government’s budget deficit is expected to reach a peacetime high of around £400 billion this year as a result of the cost of economic support measures during the Coronavirus crisis as well as the impact of the crisis on the economy and, in turn, tax receipts. That is around seven times higher than the £55 billion deficit...
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“Act now” to keep your business moving overseas
20 January 2021
The UK Government has urged businesses to “act now” to keep their business moving overseas in 2021. To help the Government has outlined “six key actions” businesses must take, so we have summarised them below...
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HM Revenue & Customs increases the threshold for Self-Assessment online payment plan service to £30,000
20 January 2021
HM Revenue & Customs (HMRC) has increased the threshold for Self-Assessment taxpayers to use its online self-service Time to Pay payment plan service from £10,000 in tax liabilities to £30,000. The move means that more taxpayers will be able to spread the cost of their tax bills by paying in monthly instalments...
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Independent commission argues against annual wealth tax but advocates a one-off charge
20 January 2021
An independent commission established last spring by the London School of Economics, the University of Warwick and the Economic and Social Research Council to analyse proposals for a wealth tax has rejected an annual tax but has advocated a one-off charge. The commission comprises senior academics from the universities involved...
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Could the Government be about to launch a new permanent state-backed small business loan scheme?
20 January 2021
According to reports in the Financial Times, the Government is considering launching a new loan scheme, where businesses could borrow anything up to £10 million through an 80 per cent state-guaranteed bank loan. The new scheme, which could be a successor to the existing Coronavirus Business Interruption Loan Scheme (CBILS)...
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HMRC issues new warning over lockdown fraudsters
20 January 2021
Within hours of the Prime Minister announcing a new national lockdown in England, HM Revenue & Customs (HMRC) has issued new warnings after it received reports that fraudsters were attempting to dupe taxpayers by pretending to be the tax authority. Throughout the last year, criminals attempted to scam businesses...
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