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 [...]
HMRC issues last reminder for 2019/20 personal tax returns
HMRC is reminding taxpayers that the deadline to submit 2019/20 personal tax returns through self-assessment is on or before midnight on 31 January 2021. Last year, a record-breaking 11.1m taxpayers complied with [...]
Annual investment allowance remains at £1m until 2022
A temporary increase to the annual investment allowance has been extended until 1 January 2022, the Treasury confirmed. The annual investment allowance enables firms to fully offset the cost of qualifying capital [...]
Self-employed fear tax returns may affect fourth SEISS claim
Some self-employed workers fear submitting their 2019/20 tax return early might affect their ability to claim a fourth taxable grant from the Government. The deadline to submit tax returns for 2019/20 through [...]
Government body urges capital gains tax overhaul
Current capital gains tax rates are too complex and should be aligned with income tax rates, according to the Office for Tax Simplification (OTS). Capital gains tax in the UK is charged [...]
