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 documents of Spending Review 2020 was a freeze on the business rates multiplier, which the Government expects to save retailers [...]
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 confirmed the increase in his Spending Review 2020, in which it was announced the national living wage will increase from [...]
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 filing their personal tax returns for 2018/19 on time, while around 8% missed the deadline altogether. More than 700,000 people [...]
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 items of plant and machinery against taxable profits. Since 1 January 2019, businesses have received faster tax relief for plant [...]
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 self-employed self-assessment is on or before midnight on 31 January 2021, with around 10.7 million returns sent in last year. [...]
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 at 10% and 20% for most taxable assets, or 18% and 28% for residential property that is not a main [...]
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 England. That guaranteed furloughed workers 80% of their salary – up to £2,500 – for hours not worked during the [...]
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 the EU single market and customs union when the Brexit transition period comes to an end on New Year’s Day, [...]
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 UK was in lockdown in April 2020 offers loans of up to £50,000 per business, or a maximum of 25% [...]
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 2020 and last month the Chancellor suggested tax hikes could be around the corner next spring. Figures published by the [...]
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