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IR35: Businesses are still not prepared for off-payroll working rules

According to a recent study, many UK firms are not adequately prepared for the off-payroll tax rule changes for the private sector to start in April 2021. The survey, which had 3,300 contractors as respondents, revealed that 52 per cent of in-work contractors still need their...

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Self-Assessment: HMRC set to waive fines for late returns due to COVID-19

HM Revenue & Customs (HMRC) is set to waive fines for taxpayers who file their tax returns late, providing that they can prove that the delay was because of COVID-19. HMRC confirmed the news in a statement, with the 31 January filing deadline looming. The decision...

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CJRS: Main changes to the extended scheme

Towards the end of 2020, the Chancellor announced the furlough scheme’s extension until 30 April 2021, which will continue to contribute 80 per cent towards employees’ wages.  Despite some similarities to the initial scheme in March 2020, this time around the Coronavirus Job Retention Scheme (CJRS)...

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Is your business ready for 2021? Get set for the year ahead with forecasting, budgeting and effective cash flow management

Businesses have faced a number of unexpected challenges over the past year, with the coronavirus pandemic having an unprecedented impact on our lives. With England now in national lockdown once again, it’s more important than ever to ensure that your business is ready for 2021. To...

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Self-Assessment: Taxpayers encouraged to file tax returns now to spread tax bill across the year

Taxpayers are being encouraged to file self-assessment tax returns now to ensure that they can spread their tax bill across 2021 through the ‘Time to Pay’ payment plan service. Self-assessment tax returns for the period ending 5 April 2020 are due on 31 January 2021, but...

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COVID-19: enhanced payment plans for Self Assessment individuals

To help reduce any financial stresses as a result of the pandemic, HM Revenue & Customs (HMRC) has amended the instalment arrangements for paying tax liabilities for Self-Assessment taxpayers - increasing the threshold from £10,000 to £30,000. From 1 October 2020, Self-Assessment individuals can apply for...

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Our Top Tips for a successful Christmas Payroll

It is nearly Christmas, which means many people can look forward to a well-earned rest, which is definitely needed after the emotions and events of this year! If you are running a business, you are no doubt planning ahead to make sure orders go out in...

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Time running out for November furlough claims

Businesses have just days left to make a claim for staff furloughed in November, as the deadline ends on 14‌‌‌ ‌‌December 2020. Businesses can claim before, during or after they process their payroll, as long as the claim is submitted by this key deadline. In future, all...

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Advisory Fuel Rates: updates from 1 December 2020

HM Revenue and Customs (HMRC) has updated the Advisory Fuel Rates (AFRs) which come into effect on 1 December 2020, for company car drivers requiring fuel costs from their employer. However, you can use the previous AFRs for up to one month from the date...

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Self-employed profits must be “significantly reduced” to claim third SEISS grant, says HMRC

Self-employed workers’ profits must be “significantly reduced” in order to claim the third instalment of the Self-Employment Income Support Scheme (SEISS), it has been revealed. The new guidance comes less than a week before applications open on 30 November 2020. Under previous iterations of the scheme, self-employed...

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Brexit Changes and the Transition Period

The end of the Brexit transition period is nearly upon us, only a few weeks to go. It can feel a little unsettling not knowing how the changes may affect your business, how we will be trading with the EU and any potential trade deals to...

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Going digital: Companies House stopping paper reminders in efforts to end all paper communication

To save the organisation £1.2 million annually, Companies House will no longer send paper reminders to businesses. Having started on 9 November 2020, the United Kingdom’s registrar of companies will contact those businesses that usually receive paper reminders to inform them of this change. In this contact,...

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New Bounce Back Loans have banks preparing for a wave of applications

UK banks are preparing themselves for a wave of small and medium-sized enterprises (SMEs) topping up with the Bounce Back Loan Scheme (BBLS) now the Chancellor has reopened the coronavirus-related scheme on 9 November. Banks have already lent £38 billion under this scheme, which is 100...

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From in-store to online: the rise of start-ups during the coronavirus pandemic

According to the Office for National Statistics (ONS), the number of new business start-ups has increased by 5 per cent during the third quarter of this year, compared to the same period in 2019. Despite expectations that the creation of new businesses would be a lot...

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Brexit: Just 13 per cent of businesses feel prepared for the UK to leave the EU

According to the latest research, only one in eight businesses feel prepared for the UK to leave the European Union (EU) after the transition period comes to an end in December this year. Alok Sharma, Secretary of State for Business, Energy and Industrial Strategy wrote to...

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