Category: Business consulting

Self-Assessment penalties waived for returns filed by 28 February – but payment deadline remains


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. Crucially,…

FSB proposes move to turn Covid emergency debt into shared ownership schemes


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”…

HMRC issues new warning over lockdown fraudsters


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…

Could the Government be about to launch a new permanent state-backed small business loan scheme?


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…

Independent commission argues against annual wealth tax but advocates a one-off charge


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…

Spread your tax bills over monthly instalments with HMRC’s online payment plan


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…

VAT – Post-Brexit arrangements


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,…

CJRS: Main changes to the extended scheme


Towards the end of 2020, the Chancellor announced the furlough scheme’s extension until 30 April 2021, with it continuing to contribute 80 per cent towards employees’ wages. Despite its close resemblance to the initial scheme…

Only a few days are left to submit applications for the third SEISS grant


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…