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...
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...
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...
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...
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...
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...
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...
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,...
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...
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...
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...
Self-Assessment: HMRC announces new ‘enhanced payment plans’ for self-employed
From 1 October 2020, individuals who complete Self-Assessment tax returns will now be able to divide their tax bill into monthly instalments, without speaking to an HM Revenue and Customs (HMRC) adviser first.
On 24 September 2020, the Chancellor announced that measures are being put into...
Commercial property: Retail rental arrears could rise to £2 billion after third-quarter payment deadline
According to research, retail rent arrears could total over £2 billion following the third-quarter payment deadline this week.
Currently, this year has seen £1.5 billion in unpaid retail rent bills. Due to the ongoing effect of coronavirus on the high street, it is estimated that...
National Minimum Wage investigations have drastically increased
National Minimum Wage (NMW) problems throughout the UK are frequently the subjects of investigations by HM Revenue and Customs (HMRC). According to research that focuses on HMRC's data, the department has increased investigations into employment practices and pay recently.
These inspections rose due to modern slavery...
Government launches £2 billion Kickstart employment scheme to create hundreds of thousands of new jobs
The Government has launched the landmark £2 billion Kickstart employment scheme, which is set to create hundreds of thousands of new jobs for young people.
The initiative aims to create “hundreds of thousands” of “fully subsidised jobs for young people across the country”, according to the...
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