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If you are applying for the fifth and final grant of the Self-Employment Income Support Scheme (SEISS), you must ensure that your application and any necessary documents are with HM Revenue & Customs (HMRC) by 30th September.

Official research has found increasing confidence amongst SME employers, with 26 per cent saying they expect to increase their employee headcounts over the coming year. The findings from the Small Business Survey, carried out by the Department for Business, Energy and Industrial Strategy (BEIS), show that the number of small...

The National Minimum Wage has been in place for more than two decades. It currently stands at £8.91 per hour for adults over the age of 23 (The National Living Wage), while the lowest figure is £4.30 per hour for an apprentice. While a sizeable number of breaches will be down to errors or incorrect interpretation of...

Couples may be missing out on tax breaks without realising it, according to HM Revenue & Customs (HMRC). Savings can be made both with Income Tax and Capital Gains Tax (CGT) by using their personal tax allowance.For CGT, a couple’s two allowances (each equal to £12,300) can be combined to reduce the final tax bill on a transaction...

It is a nightmare that plagues both business and private users alike, but cyber security experts are continuing to fight back against the online crooks using email scams targeting their organisations. The UK’s cyber police force, the National Cyber Security Centre (NCSC), has published guidance for businesses on...

While rising property values may seem like good news, as prices go through the roof it could land you with a hefty Inheritance Tax (IHT) bill. The latest data from HM Revenue & Customs (HMRC) show that the average IHT tax bill stood at nearly £210,000. IHT is a charge on the value of the estate of someone who has died...

As the UK emerges from the economic crisis caused by the pandemic there are many positive indicators of financial recovery, such as a fall in COVID-induced public spending, a rise in job vacancies and a decline in unemployment, all of which are encouraging businesses to grow.

Taxpayers face an increase in their National Insurance contributions (NICs) and dividend tax rates from 2022. To explain how this significant change may affect you, please use our helpful FAQ below: How much is the National Insurance rate increasing? The Health and Social Care Levy will see a 1.25 percentage point increase in NICs.

Thousands of people who put money into their pension each year are inadvertently failing to declare pension tax charges, according to HM Revenue & Customs (HMRC). This can lead to an unexpected and costly tax bill. Most taxpayers can save up to £40,000 in pension contributions tax-free each tax year...

Taxation and other measures to be included in the Finance Bill for 2021-22 have now been announced. The draft legislation largely covers pre-announced policy changes, along with accompanying explanatory notes, tax information and impact notes, as well as responses to consultations and other supporting documents.

As the UK economy gets back to full speed and confidence grows amongst small businesses, the impact of the ‘super-deduction’ and the ‘special rate allowance (SRA)’ should encourage even stronger growth. According to HM Revenue & Customs (HMRC), the super-deduction will give companies a strong incentive...

HM Revenue & Customs (HMRC) has warned that debt collection will resume as the UK emerges from the pandemic and it will be contacting taxpayers who have fallen behind with their taxes. HMRC says it will take an understanding and supportive approach to dealing with those who have tax debts or are concerned...

With predictions that the UK economy is set to grow at its fastest pace in 80 years and could recover to its pre-pandemic size by the end of this year, SME owners are feeling more optimistic and are keen to invest in growth.

Where grants claimed under the self-employment income support scheme (SEISS) do not correspond with records held by HM Revenue & Customs (HMRC), it will auto-correct 2020-21 tax returns and issue a new SA302 calculation to both taxpayer and acting agent.

HM Revenue & Customs (HMRC) has announced that the portal for the fifth round of the Self-Employment Income Support Scheme (SEISS) is now open. In recent weeks, the tax authority has been directly contacting taxpayers that it believes are eligible for the fifth round of the scheme, providing them with their personal claim date.

While most Covid restrictions in England ended on Monday 19 July, the requirements for people testing positive and their close contacts to self-isolate will continue to apply until 16 August, when they will change for under-18s and double-vaccinated adults.

From 19 July the majority of the remaining Coronavirus pandemic restrictions will end in England, with a similar reduction of measures in Wales and Scotland. Commonly being referred to as Freedom Day, this final step in reopening the economy will see many of the rules placed upon businesses removed.

From April 2023, the Corporation Tax rate will rise for companies with profits of more than £50,000, following the Chancellor’s announcement at his Spring 2021 Budget. However, the new higher rate of Corporation Tax will not be the same for all companies and will instead be tied to their profits.

The next big step in the Government’s Making Tax Digital (MTD) initiative is rapidly approaching. From 6 April 2023, MTD is expanding to include businesses and landlords with a combined total gross income over £10,000 per annum, from the following sources...

Penalties for late submission and late tax payments will be determined by a new points system to make them fairer and more consistent, HM Revenue & Customs (HMRC) has announced. Under the new system, penalties will be points-based rather than automatic. This means that those who consistently miss deadlines will accrue...

Payments on account are advance payments towards your tax liability for the year, if you complete a UK Self-Assessment tax return and is a way of settling tax owed. The two deadlines for the self-employed to pay their tax bills are 31 January and 31 July of each year. These two payments are made during the year...

A payroll services boss has been banned for orchestrating a multi-million-pound tax avoidance scheme. The case puts a spotlight on company owners and should serve as a reminder that they are subject to strict conditions over keeping records.The High Court issued a disqualification order lasting 11 years to the sole...

Unlike other benefits, tax credits usually have to be renewed each year by 31 July to continue receiving payments from HM Revenue & Customs (HMRC). If you are claiming tax credits, it is really important to look carefully at the information you receive. Even if you have stopped getting tax credits, you still need to check...

Parents faced with the financial headache of childcare over the long school summer holidays are reminded they can get support from the Government. HM Revenue & Customs (HMRC) is reminding working families that they can use Tax-Free Childcare to help pay for their childcare costs over the summer.

The Coronavirus Job Retention Scheme (CJRS) continues to support many businesses, who are reliant on the financial support it offers to cover the costs of staff on furlough. Extended earlier this year in the Budget, support from the CJRS will slowly be withdrawn in the next three months before closing altogether...

Introduced in July 2020, the Stamp Duty Land Tax (SDLT) Holiday has helped hundreds of homeowners and investors to reduce the cost of purchasing a new property. However, the higher SDLT thresholds will change from 1 July increasing the cost of buying or transferring a home. From the beginning of July, the SDLT rules...

The Treasury has reassured many distressed business owners by confirming that a moratorium on commercial evictions introduced in April 2020 will now be extended for another year. The ban, introduced more than a year ago, has already been extended twice and was due to expire at the end of June but will now remain in place...

The fifth round of the Government’s Self-Employment Income Support Scheme (SEISS) will launch in late July, HM Revenue & Customs (HMRC) has confirmed. This round of the SEISS will differ from previous rounds as it will be paid at two different rates, which depend on the reduction in turnover a self-employed individual...

Businesses affected by Coronavirus can still access the Recovery Loan Scheme (RLS) launched in April, despite the closure of applications for other Government loan schemes, including the Coronavirus Business Interruption Loan Scheme (CBILS). The RLS opened for application on 6 April 2021, following the closure of...

People who enrolled in the Self-Employment Income Support Scheme (SEISS) have been reminded that they must include income from their grants on tax returns to HM Revenue & Customs (HMRC), as it is subject to Income Tax and National Insurance. They should liaise with their accountants so an accurate return can be sent to HMRC...

There are many problems associated with the pandemic, apart from the obvious one of the illness caused by the virus itself. Conmen and scammers have taken advantage of the situation, bombarding people and businesses with bogus claims about tax owed in the hope that just a few respond.

For many businesses, the pandemic has turned the world on its head, with many who might have expected to be profitable experiencing a loss. Sometimes losses happen simply because the business is very new, or because costs have unexpectedly risen. However, COVID-19 has thrown another dimension into the mix, seeing thousands...

The second part of a sweeping review of Capital Gains Tax (CGT) has been published with 14 key recommendations. In July 2020, the Chancellor asked the Office of Tax Simplification (OTS) to carry out a review, to “identify opportunities relating to administrative and technical issues as well as areas where the present...

Putting together an efficient tax strategy should be a no-brainer for buy-to-let landlords seeking to maximise their income. It may not be quite as glamorous as hunting down the perfect property, but when it comes to saving cash, it can make a huge difference to your bottom line.

Both the Bank of England and the UK’s leading business members’ organisation believe the economy is set to take off after the vaccine bump. GDP (Gross Domestic Product) is expected to rise sharply in the second quarter as lockdown eases. Bank economists say this is a result of the vaccine rollout and the fastest predicted...

Looking for information on how a business organises its finances? Learn about financial reporting through GRC or Governance Risk and Compliance tools.

Companies that signed up to the VAT deferral scheme have been warned they face a five per cent penalty if they do not make payment arrangements by 30 June this year. Over half a million businesses deferred VAT payments last year. HM Revenue & Customs (HMRC) has confirmed that companies will be liable for the penalty or interest...

The devastating effects of the pandemic have meant small businesses in the UK have changed the direction of their organisations to survive the impact of the Coronavirus pandemic and lockdown restrictions. More than a year on from the start of the first official national lockdown and with the country currently slowly exiting...

One unexpected bonus for staff forced to work from home because of the pandemic has been a £6 per week tax break. People will have seen their household bills naturally go up over the last year, from increased working at home and the Government has recognised this.

In most cases, expenses an employee incurs at work are paid for by their employer, but some, like travel and accommodation expenses, are reimbursed later by the employer. Since 2016, the system for reimbursed expenses has been simplified, which means that HM Revenue & Customs (HMRC) will usually accept that business expenses...

With the fourth round of the Self-Employment Income Support Scheme (SEISS) now well underway, HM Revenue & Customs has announced tough new fines for those that abuse the financial support on offer. The new penalty regime is aimed at those who have overclaimed the SEISS grant, which includes any amount of grant...

A new Debt Respite Scheme, designed to give a debtor with problem debt the right to legal protection from their creditors, is now available. The new scheme consists of two new two types of ‘breathing space’: A standard breathing space – Available to anyone with problem debt, which offers legal protection from creditor action...

Employers that hire veterans in their first employment after leaving the armed forces are now entitled to National Insurance (NI) relief up to the upper secondary threshold for one year. The relief, announced at the 2020 Budget, came into effect in April and applies to all veterans of the regular armed forces who have...

Parents are being encouraged to check whether they are missing out on a tax-free childcare bonus of £500. Families using tax-free childcare accounts to pay for their childcare costs could receive a Government top-up worth up to £500 every three months, but thousands are missing out on the payout, HM Revenue & Customs (HMRC) has warned.

A new scheme that supports small and medium-sized businesses with a grant of up to £2,000 has opened. The scheme provides grants to help tackle the new admin requirements for imports and exports to and from EU countries, as well as elsewhere in the world, or the movement of goods between GB and Northern Ireland.

A special police task force, tackling fraud in England, Wales and Northern Ireland, says it is investigating 6,000 cases of cybercrime, worth a staggering total of £34.5 million since March last year. The Action Fraud team is investigating many cases, but said that of those reporting a cyber-attack...

A new study has found that nearly six in 10 (59 per cent) small business owners loaned personal money to their business during the pandemic to help it survive. Research undertaken by one of Europe’s largest small business lenders, iwoca, showed that many owners had taken drastic steps during the pandemic to support their business.

To help businesses with the ongoing impact of the pandemic the Government has decided to extend measures in the Corporate Insolvency and Governance Act (the Act) to protect struggling companies. The extension to the measures introduced in the Act, includes an extension of the suspension of liability for wrongful trading...

Rules coming into effect from 1 January 2022 will mean that nine in 10 estates that are not subject to Inheritance Tax (IHT) will no longer need to complete IHT forms as part of the probate process. Meanwhile, a temporary measure that is currently in place so that IHT returns can be submitted without a physical signature will...

HM Revenue & Customs (HMRC) is now contacting self-employed individuals who could be eligible for the fourth round of the Government’s Self-Employment Income Support Scheme (SEISS). The fourth round of the scheme covers the period from 1 February 2021 to 30 April 2021 and is worth 80 per cent of three months...

HM Revenue & Customs (HMRC) has published a series of updates to its guidance on the Coronavirus Job Retention Scheme (CJRS), more commonly known as the ‘furlough scheme’. The updates cover the changes to the scheme as it is extended from 1 May 2021 to 30 September 2021.

Employees who are continuing to work from home as a result of the Coronavirus pandemic and whose expenses have not been reimbursed by their employers should make new claims to continue receiving working from home tax relief.

Find out more about using cloud accounting software for your pub or restaurant and how you can use these services for other hospitality sectors.

Businesses in the non-essential retail, hospitality, leisure, personal care and accommodation sectors can now access one-off cash grants of up to £18,000 from their local council. The Restart Grant scheme opened nationally on 1 April 2021 and is now being rolled out by local authorities across England.

At the start of the new tax year in April the thresholds for student loans will increase, which may affect employees that are repaying their academic fees. The threshold for student loan Plan 1 will increase from £19,390 to £19,895 from this date, and employees on Plan 2 will see their student loan threshold rise from £26,575 to £27,295.

HM Revenue & Customs (HMRC) has released new guidance that brings changes to the company car benefit calculations, as the Government looks to encourage greater use of ultra-low emission vehicles (ULEV). Under the new rules, if a ULEV has a CO2 emission figure of 1-50g/km, businesses will now need to provide the...

Despite the impact that Brexit has had on trade in the UK, a new survey conducted by YouGov has found that 38 per cent of small businesses are likely to trade overseas this year. The study, commissioned by Lawbite, found that of the 791 small businesses questioned two-fifths were planning to trade overseas, which scaled...

The Government is pressing ahead with plans to increase the rates of the National Living Wage (NLW) and the National Minimum Wage (NMW) from 1 April 2021, while people aged 23 and 24 will be entitled to the National Living Wage for the first time. The NLW will rise from £8.72 an hour to £8.91 an hour, the NMW for people aged...

The Government has announced that the final report of its fundamental review of business rates will be delayed and will be published in the autumn. It says that by then there should be greater clarity about the economic situation and the future of the public finances. The review was announced by Rishi Sunak at his Budget a year ago...

New research has found that SMEs across the UK are feeling increasingly optimistic about their prospects for the rest of 2021, after the success of the vaccine rollout. The Barclaycard Payments Barometer research found that SMEs expect to grow their revenues by an average of eight per cent. London SMEs, meanwhile, expect to see...

In the year since the Chancellor, Rishi Sunak, delivered his first Budget to a packed Commons chamber in March 2020, more than 135,000 people in the UK have died from Coronavirus, there have been three national lockdowns, the economy has shrunk by 9.9 per cent and Coronavirus support measures have cost around £280 billion.

Following HM Revenue & Customs’ (HMRC) announcement that it is waiving late filing penalties for Self-Assessment taxpayers who file by 28 February, it has now announced that it is waiving the five per cent late payment penalty that usually applies from 3 March for taxpayers who pay or set up a payment plan by 1 April 2021.

The impact of the pandemic has been felt in many different ways. Some of the effects have been quite immediate, but now many businesses are starting to see how the events of the last year are affecting their annual business insurance rates as well. Before COVID-19 struck, there were already a number of factors adversely impacting...

Businesses looking to reward and retain staff members may wish to consider offering an electric vehicle (EV) salary sacrifice scheme. Not only are many EVs better for the environment, but they could also offer businesses considerable savings. Businesses can use employee salary sacrifice – similar to schemes offered for pension...

A set of consultations on the future of Companies House published in December 2020, include proposals for mandatory digital filing, requirements to tag accountants digitally with IXBRL and shortening filing deadlines to three months for public companies and six months for private companies.

Companies House will pause both the voluntary and compulsory strike-off processes for one month from 21 January until 21 February to support businesses affected by COVID-19, it has been announced. The extended measure comes in response to delays to the system caused by the third national lockdown.

Due to the ongoing restrictions of the Government’s Coronavirus response, millions of UK workers continue to work from home. Many may not be aware that they can claim tax relief for additional household costs if they are required to work from home regularly, either for all or part of the week. This tax relief is not available to those...

Large and medium-sized businesses now just have a couple of months left to prepare for the changes to the off-payroll working rules (IR35). From 6 April 2021, in most cases, the engager (employer) will be responsible for deciding whether to deduct tax and National Insurance Contribution (NICs) from freelancers and contractors...

From 1 March 2021, businesses within the Construction Industry Scheme (CIS) must record, report and pay VAT under the new VAT domestic reverse charge rules. This change affects both contractors and subcontractors and the supply of certain kinds of construction services in the UK. Under the new rules, VAT registered subcontractors...

Due to a mismatch of earnings thresholds, basic rate taxpayers may unexpectedly come under the scope of the High Income Child Benefit Charge in April. The Low Incomes Tax Reform Group (LITRG) has issued a warning to families that they may be subject to a tax charge when claiming Child Benefit due to a discrepancy between two earnings...

Any business that deferred VAT payments due between 20 March and 30 June 2020 as a result of the Coronavirus pandemic, must now consider how they will repay this outstanding tax. They can choose from the following options in order to do this.

The Government has announced changes to the Bounce Back Loan Scheme (BBLS) available to small businesses in the UK that will give companies longer to repay what they have borrowed. Around 1.4 million small and medium-sized businesses have taken out a loan since they were introduced last year, amounting to around £45 billion of financial support.

Small company directors that were not able to claim under the Coronavirus Job Retention Scheme (CJRS) because they paid themselves an annual salary in March 2020 may now be eligible to claim under the scheme. Many directors missed the cut-off date on 19 March 2020 to be eligible for the first and second iterations of the furlough scheme.

HM Revenue & Customs (HMRC) has announced that any Self-Assessment taxpayers who miss the 31 January 2021 tax return deadline will not receive late filing penalties if they file online by 28 February 2021, although the 31 January 2021 payment deadline remains. Taxpayers who do not pay any outstanding balance on their 2019-20 tax...

HM Revenue & Customs (HMRC) has confirmed that the final deadline for employers to request an exemption from the publication of furlough claims will be this coming Monday 25 January 2021. Shortly after it was announced in the autumn that the Coronavirus Job Retention Scheme (CJRS) would be extended and reset to resemble the original...

Any applications for the latest round of the Self Employment Income Support Scheme (SEISS) must be submitted by the deadline on 29 January 2021. This grant offers a taxable support payment equal to 80 per cent of the average of three months’ trading profits (up to a maximum of £7,500) to eligible individuals.

The UK Government’s budget deficit is expected to reach a peacetime high of around £400 billion this year as a result of the cost of economic support measures during the Coronavirus crisis as well as the impact of the crisis on the economy and, in turn, tax receipts. That is around seven times higher than the £55 billion deficit...

HM Revenue & Customs (HMRC) has increased the threshold for Self-Assessment taxpayers to use its online self-service Time to Pay payment plan service from £10,000 in tax liabilities to £30,000. The move means that more taxpayers will be able to spread the cost of their tax bills by paying in monthly instalments...

An independent commission established last spring by the London School of Economics, the University of Warwick and the Economic and Social Research Council to analyse proposals for a wealth tax has rejected an annual tax but has advocated a one-off charge. The commission comprises senior academics from the universities involved...

According to reports in the Financial Times, the Government is considering launching a new loan scheme, where businesses could borrow anything up to £10 million through an 80 per cent state-guaranteed bank loan. The new scheme, which could be a successor to the existing Coronavirus Business Interruption Loan Scheme (CBILS)...

Within hours of the Prime Minister announcing a new national lockdown in England, HM Revenue & Customs (HMRC) has issued new warnings after it received reports that fraudsters were attempting to dupe taxpayers by pretending to be the tax authority. Throughout the last year, criminals attempted to scam businesses...

The Federation of Small Businesses (FSB) is calling on the Government to introduce new measures to help companies struggling with COVID-related debt, including employee shared ownership. The FSB has said that businesses are facing “unmanageable” levels of Coronavirus debt – with four out of 10 small businesses describing...

The latest guidance on VAT on imports and services to and from the EU is complex and businesses need to account for this in their trading. To help we have provided a brief summary below, but we highly recommend you seek additional advice.

More than 370,000 small businesses in England and Wales could be due a payout on their business interruption insurance after the Supreme Court ruled in favour of payments being made on previously refused claims and policies. A number of insurers have lost an appeal against an earlier ruling, brought in a test case by the Financial...

Download our latest guide to make sure you are taking advantage of the support on offer As we enter yet another national lockdown, businesses may be concerned about their ability to survive and succeed in the weeks and months ahead. The level of support on offer from the Government and local authorities is unprecedented via the various grants, loans and payment holidays now available.

The UK Government has tripled the number of workers employers can recruit from overseas to work on UK farms in 2021, it has been revealed. Under the Seasonal Workers Pilot, 30,000 visas are now available to overseas talent seeking agricultural and horticultural work for a period of up to six months.

The UK Trader Scheme (UKTS) has now been launched to support businesses moving goods between Great Britain and Northern Ireland after the Brexit transition period ends. Here’s what you need to know: What is the UK Trader Scheme? Simply put, the UKTS will ensure that UK traders do not pay international tariffs on the movement...

As businesses prepare to enter a new year, the Chancellor Rishi Sunak has confirmed a further extension to the Government-backed loans and Coronavirus Job Retention Scheme (CJRS). In a move that the Chancellor said would provide “certainty for millions of jobs and businesses”, the Government has extended the furlough scheme...

Sunday’s deadline for reaching a post-Brexit trade deal between the UK and EU came and went as both sides committed to continue negotiating ahead of the end of the Brexit transition period at 11pm UK time on 31 December 2020. The decision to keep negotiations open appears to have been driven by progress on tariffs, suggesting a deal...

Under the newly agreed Northern Ireland Protocol, the Value Added Tax Act (1994) will be amended so that Northern Ireland maintains alignment with the EU VAT rules for goods. This means that the rules for intra-EU movements of goods that currently apply, will continue to apply after the end of the transition period on...

The Government has confirmed further details of the customs duty arrangements that will apply to Northern Ireland with the publication of the Taxation (Post-transition Period) Bill. The Bill enacts several of the arrangements contained in the Northern Ireland Protocol, a critical element of the Withdrawal Agreement that...

The Government has launched a new export finance guarantee scheme, targeted at SME exporters. The General Export Facility scheme will provide an 80 per cent Government guarantee on financial support of up to “around £25 million” from lenders to support the general costs of exporting.

We are now less than one month away until the UK officially leaves the European Union. For businesses, this means new processes, protocols and procedures. In this blog, we are going to explore how your business can approach just two of these issues: customs and VAT. Here’s what you need to know.

The UK’s new points-based immigration is now live to help businesses as they prepare for the end of the Brexit transition period on 31 December 2020. The new system outlines who can work in the UK once the free movement agreement with the EU ends on 1 January 2021. There are several new Immigration categories under the new...

The Business Secretary has written to the professional and business services sector warning them about the actions they need to take to prepare for the end of the Brexit transition period. With just a month to go, the letter, titled Are You Ready For New Rules For Business With The EU, sets out the key steps businesses in industries...

New guidance has been issued by HM Revenue & Customs (HMRC) which alters how the Statutory Residence Test (SRT) for tax will operate as a result of the COVID-19 pandemic. The latest COVID-19 guidance is likely to affect taxpayers’ ability to move freely into and out of the UK, which could affect their status under the SRT.

HM Revenue & Customs (HMRC) is calling on Self-Assessment taxpayers to keep a look out for scammers posing as the tax authority. HMRC has said that scammers are using calls, emails and texts to contact individuals in the run-up to the tax return deadline on 31 January 2021. During the last year, HMRC responded to more than...

More than 84,700 food and drink establishments took part in the Eat Out to Help Out (EOTHO) scheme, according to the Treasury’s latest figures. This resulted in 130,000 claims at the end of the scheme and is estimated to have cost the Treasury around £522 million. The claims system was set up quickly by HM Revenue & Customs (HMRC)...

Local authorities have begun to take legal action against businesses that fail to pay their business rates bills. A new report from property consultancy Colliers has shown that an increasing number of businesses have begun to receive letters demanding payment and/or a court summons. In response, many businesses have started...

A new consultation has been published by HM Revenue & Customs (HMRC) which explores how the core principles of Making Tax Digital (MTD) can be applied to Corporation Tax (CT). Within the new consultation document, HMRC has made it clear that MTD for CT is a means of tackling the underpayment of tax, especially among SMEs, where HMRC...