Workplace pension contributions bounce back after slump
Payments into defined-contribution workplace pension schemes increased in the third quarter of 2020, according to the Office for National Statistics (ONS). During the first national lockdown last spring, many employees stopped or [...]
HMRC rolls out new measures to ‘tackle CIS abuse’
Four new measures affecting the construction industry scheme (CIS) were enacted from 6 April 2021 as HMRC cracks down on tackling abuse of the scheme. First, the tax authority can now amend [...]
VAT-registered firms start using digital links under MTD
A million businesses need to have digital links in place to submit VAT returns and comply with phase two of Making Tax Digital (MTD) for VAT. All VAT-registered firms have until their [...]
Super-deduction tempts 51% of manufacturers to invest
Investment in the UK’s manufacturing sector is poised to rise as a result of the capital allowances super-deduction. The super-deduction enables companies that invest in qualifying new plant and machinery to benefit [...]
Opt-in to VAT deferral new payment scheme by 31 March 2021
Businesses that deferred paying VAT between 20 March 2020 and 30 June 2020 do not need to pay the full amounts by the end of this month. VAT-registered firms were not required [...]
Changes to prompt-payment code aim to end late payments
Thousands of small businesses that face severe cashflow problems due to late payments stand to benefit from changes to the prompt-payment code. The Government has strengthened the prompt-payment code so that 95% [...]
Personal allowance and higher-rate threshold to increase 0.5%
A 0.5% increase to the personal allowance and higher-rate of income tax will be in place from 6 April 2021, according to the Treasury. Both thresholds will increase in line with the [...]
Record number miss self-assessment filing deadline due to COVID-19
Around 1.8 million taxpayers missed the 2019/20 deadline for self-assessment on 31 January 2021, according to figures published by HMRC. The tax authority revealed 1,790,368 people failed to beat the midnight deadline, [...]
Pre-Christmas furlough extension stems the tide of redundancies
Extending the furlough scheme until the end of April 2021 is showing evidence of minimising redundancies, a report claims. To help avoid redundancies, the furlough scheme offers employers 80% towards furloughed workers’ [...]
Hardest-hit businesses offered new government grants of up to £9,000
Businesses in the sectors hardest hit by COVID-19 can access new one-off grants to help them get through lockdown. The Treasury announced £4.6 million in additional support grants to help around 600,000 [...]
One-year freeze for business rates multiplier in England
One of the key factors that determine the tax on a business’s right to occupy commercial property in England has been frozen for 2021/22, the Chancellor has confirmed. Buried in the supporting [...]
National living wage to increase alongside age threshold fall
Employers of low-paid workers in the UK will have to absorb another rise to the national living wage and pay it to over-23s from April 2021, the Chancellor has confirmed. Rishi Sunak [...]