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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…
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…
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…
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…
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…
Off-Payroll Working Tax (IR35) will apply to the Private Sector from April 2021. The off-payroll working rules can apply if a worker provides their services through their own limited company or an intermediary, which will usually be the worker’s own personal service company, but could also be a partnership, personal…
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…
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…
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).…
With the Self-Assessment Tax Return deadline remaining at 31st January 2021, over one million people planning to delay filing their tax returns will face having to pay fines and interest for late submission and payment. Stress due to the current pandemic is causing many people who file self-assessment tax returns…