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 [...]
Furlough scheme extended until the end of March 2021
The scheme has been extended until 31 March 2021, following a temporary extension last month. The furlough scheme was initially extended until 2 December 2020, prior to a second national lockdown in [...]
VAT-registered traders urged to prepare for life after Brexit
HMRC has issued a last call to around 250,000 traders, highlighting urgent actions to take if they wish to continue trading with the EU from 1 January 2021. The UK will leave [...]
Three in five bounce-back loans may never be repaid, watchdog claims
Up to three in five bounce-back loans (BBL) handed out during the pandemic might never be repaid, according to the National Audit Office (NAO). The bounce-back loans (BBL) scheme announced when the [...]
Sunak hints at spring tax hikes to ‘balance the books’
Chancellor Rishi Sunak has promised to “balance the books” in a bid to plug a £208 billion hole in the UK’s public finances caused by COVID-19. In September, Sunak postponed Autumn Budget [...]
Third grant for the self-employed increases to 80% for November
The self-employed can claim Government support of up to 80% of profits during the initial month-long lockdown in England, Chancellor Rishi Sunak has confirmed. Like previous tranches, the third taxable grants available [...]
Government extends furlough scheme ahead of lockdown in England
The Government has extended the furlough scheme for employers until 30 November 2020, as a second lockdown in England looms to slow the resurgence of COVID-19. Hours before the initiative was due [...]
Commission set to recommend national living wage freeze
Ministers are reportedly considering halting plans to implement the planned national living wage increase from next spring. The national living wage, which is currently set at £8.72 until 31 March 2020, is [...]
Chancellor reveals new support measures amid second-wave fears
New support measures & loans for businesses and workers have been announced in the face of a rising tide of coronavirus. A job support scheme or loans will replace the furlough scheme [...]