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 reduced contributions into their workplace pensions to save money amid fears of being made redundant or losing their jobs. Data [...]
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 the CIS deductions suffered and reclaimed on real-time information via the employment payment summary to an amount matching any evidence [...]
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 first VAT return period, starting on or after 1 April 2021, to put digital links in place. A digital link [...]
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 from a 130% first-year capital allowance. The policy kicked in on 1 April 2021 and allows companies to cut their [...]
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 to make VAT payments during this deferral period, and initially had until 31 March 2021 to pay any liabilities. However, [...]
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% of invoices from smaller suppliers must be paid within 30 days from 1 July 2021. This has been halved from [...]
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 Consumer Prices Index (CPI) rate of inflation figure for September 2020, which was 0.5%. This means the personal allowance will [...]
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, almost double last year’s total of 958,296. HMRC attributed the spike in the number of personal taxpayers missing this year’s [...]
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’ wages, up to a maximum of £2,500 a month, currently until 30 April 2021. Employers are still required to pay [...]
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 firms in England stay afloat until the spring. Firstly, businesses in retail, hospitality and leisure sectors need to be closed [...]
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