News and Updates
Making Tax Digital for Income Tax postponed until April 2024
Making Tax Digital (MTD) for Income Tax & Self-Assessment (ITSA) delay Making Tax Digital for Income Tax & Self-Assessment which was due to be introduced in April 2023, has been postponed until April 2024. What does this mean for you? Although there has been a...
Corporation tax hiked. But for which companies?
Despite the rumours that capital gains tax was going to be radically overhauled in the Budget, it was corporation tax that saw the most significant change. What's the story? Speculation that companies would see their tax rates increase in the Budget proved to be well...
Budget 2021 – the headlines
The Chancellor delivered his Budget this week. There were fears over stiff capital gains and other tax rises, plus expectations of handouts for businesses. What did Mr Sunak actually announce and how might his new tax measures affect you? Below is a summary of the...
HMRC launches new VAT deferral scheme
Businesses that took up HMRC’s offer to defer some or all of their VAT liability due for payment between 20 March and 30 June 2020 are to be given more time to pay. Originally, the terms of the offer required the deferred VAT to be paid in full by no later than 31...
Full details of third SEISS grant announced
In an earlier announcement, the government outlined the key points of the third self employment income support scheme (SEISS) grant. Now we have the full details - what are they? Third grant. The grant is payable for the three month period beginning on 1 November...
The VAT reverse charge
The Law S55A VATA 1994 (customers to account for tax on supplies of goods or services of a kind used in missing trader fraud) provides that where a taxable person makes a supply of goods or services to which that section applies, and the supply is not an excepted...
Job Retention Scheme update
The Coronavirus Job Retention Scheme has been extended and will remain open until 31 March 2021. Claims will now need to be submitted by the 14th of the following month. If this falls on the weekend, claims should be submitted the next working day. Claims are still...
Furlough has been extended
Following the new lockdown restrictions announced by Boris Johnson on Saturday, the new Job Support Scheme has not been launched for November as originally planned. Instead, the furlough scheme has been extended to December. The guidance states that the Government...
Job Support Scheme has changed
Rishi Sunak announced changes to the Job Support Scheme (JSS) yesterday one week before the scheme is set to start. The updated scheme is now more generous than previously planned with employees receiving up to 73% of their usual wage for working a minimum of 1/5 of...
More grants for the self-employed
HMRC has published guidance on two new coronavirus- related grants for the self-employed that it will be administering. The bad news is that the deadline for claiming the second Self Employment Income Support Scheme (SEISS) grant passed on 19 October. The good news is...