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Recent Posts
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Chancellor Kwasi Kwarteng announces his ‘mini-budget’ with major tax cuts
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Key points of October 2021 Budget from the Chancellor’s Autumn Budget and Spending Review
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Self-Employment Income Support Scheme (SEISS) fourth grant – Applications must be made by 1 June
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New Stamp Duty rates for non-UK residents
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Highlights of 2021 Spring Budget announced by Chancellor of the Exchequer Rishi Sunak
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Make a Time to Pay arrangement or pay tax by 1st April to avoid Self Assessment Late Payment Penalties
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New rules for business travellers, cash declarations and on social security following UK’s exit from Europe.
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No late filing penalty for Self Assessment 2019-20 tax return filed until 28th February.
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Are you affected by coronavirus ‘reasonable excuses’ to meet Self Assessment deadline 31 Jan?
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New lockdown grants to support retail, hospitality and leisure businesses worth up to £9,000 per property
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CJRS (Furlough scheme) has been extended to end of April 2021
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NHS & Healthcare workers tax refunds – Claim tax relief for your job expenses now.
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Self-Employment Income Support Scheme (SEISS) third grant up to £7500: Applications now open
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Spending Review 2020 – National Living Wage will increase & NHS Doctors and nurses will get a pay rise.
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The Job Support Scheme (JSS) is designed to give business the ability to retain staff working reduced hours, rather than make them redundant. Employees will only be eligible for the scheme if they are working at least 33% of their usual hours.
The employer will be required to pay the employee for the hours worked. For the hours not worked the employer must pay one-third of the equivalent salary, the Government will then pay another third. The Government’s contribution will be reimbursed to the employer in arrears and will be capped at £697.92 per month.
The JSS will be open to all employers, with large employers having to prove that they have been adversely affected (among other criteria, the Government expects that larger employers who are claiming will not issue dividends while using the scheme). The Scheme will run for six months from the 1 November.
SEISS Grant Extension
There will be an extension of the Self-Employed Income Support Scheme (SEISS) which the Government had introduced to support self-employed individuals through the initial lockdown measures. The new grants will only be available to those self-employed who have been previously eligible and who continue to experience reduced demand due to COVID-19.
There will be two grants. The first will be for the period start November 2020 to end January 2021. This grant will be for 20% of average monthly trading profits and will be capped at £1,875. The second grant will be for the period start February 2021 to end April 2021. The value of this grant has not yet been determined by Government. We will provide you with more information as it becomes available.
VAT Reduction Extended
The special 5% VAT rate for hospitality and tourism (including supplies of food and non-alcoholic drinks) will continue to apply to 31 March 2021.
Pay as you Grow
Loans taken under the Bounce Back Loan Scheme (BBLS) can now be repaid over a period of ten years. Customers will also be able to pause repayments for a period of up to six-months. This ‘pause’ is available once during the loan’s lifetime and can only be used once at least six payments have been made. The loan can also be moved to an interest-only repayment for a period of up to six-months. Interest-only periods can be applied for up to three times over the course of the loan’s lifetime.
Loan Scheme Extension
The BBLS, Coronavirus Business Interruption Loan Scheme (CBILS), Coronavirus Large Business Interruption Loan Scheme (CLBILS) and Future Fund will remain open until 22 March 2021.
VAT Deferral
Those business which deferred their VAT payment due in March to June 2020, will have the option to spread the payment over the financial year 2021-22.
Self-Assessment – Enhanced Time to Pay
Taxpayers with up to £30,000 in self-assessment tax liabilities due in January 2021 will be able to use HMRC’s self-service Time to Pay facility to secure a plan to pay their liability over 12-months.
