Budget 2021 at a Glance

Here’s a brief summary of the Budget 2021 Furlough Scheme extended until SeptemberSelf-Employed Income Support Scheme (SEISS) will continue until SeptemberUniversal Credit uplift will continue for a further 6 monthsNational Living Wage increasing to £8.91 from April‘Re-Start’ Grant available from April of up to £6000 per premises for non-essential retail, … Continued

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New Penalties for Overclaiming

Penalties of up to the full amount claimed will be imposed by HMRC on businesses found to have overclaimed any of the support provided by the Government during the current crisis. Investigations into Coronavirus Job Retention Scheme (CJRS), Self-Employed Income Support Scheme (SEISS) and Eat Out to Help Out claims … Continued

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New VAT Rules for Construction Sector

New VAT rules come into effect on 1st March 2021 that will have an effect on accounting for VAT on transactions in the construction sector. Originally scheduled for October 2019, they have been delayed until this March due yo the lack of industry awareness. The new ‘reverse charge’ system of … Continued

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Roadmap out of Lockdown

On Monday 23rd February, the Government set out its roadmap for the country to come out of Lockdown 3. It was understandably cautious, as none of us want to see further Lockdowns, but it did give us clear targets to aim for and help to plan our own recovery from … Continued

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Reduction of the Annual Investment Allowance on the Horizon

Annual Investment Allowance Update

Annual Investment Allowance Extension In October we reported on the impending reduction of the Annual Investment Allowance (AIA) from the temporary £1 million limit back to £200,000 on 1st January 2021. Chancellor Rishi Sunak has now extended this deadline by 12 months to 31st December 2021. For more information on … Continued

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‘Pay As You Grow’ now available on Bounce-Back Loans

Chancellor Rishi Sunak has announced further support for businesses that took out Bounce-Back Loans to help them through the COVID-19 Pandemic. Tailor-made repayment schedules, known as ‘Pay As You Grow’ will give borrowers greater flexibility in paying the loans back based on their individual situation. Nearly £45 billion was borrowed … Continued

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Enhanced time to pay for Self-Assessment Taxpayers

Self-assessment taxpayers who are due to pay HMRC for their 2019-20 tax return can now access ‘enhanced time to pay’. Although this is potentially available to all self-assessment taxpayers, an automated facility has been set-up on the HMRC website for anyone owing up to £30,000 on their last return. There … Continued

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Council Grants for Businesses Forced to Close

The next round of Council Grants has been released for businesses forced to close due to national restrictions. These grants are aimed at businesses in the retail, leisure, hospitality, personal care and sports facility sectors. They can only be claimed if the business has been forced to close due to … Continued

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What can an Employee working from home claim for?

Claiming for Working from Home

With more of us working from home, there’s some good news for employees from HMRC. Tax relief can now be claimed to cover some of the costs of working from home. An employer can pay an employee £312 every tax year (equivalent to £538 gross for a higher rate taxpayer). … Continued

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