The Chancellor has set aside a further £65bn to support businesses, employees and the self employed to deal with the coronavirus pandemic as lockdown eases Source: Editor, Accountancy Daily, published by Croner-i As part of the recovery plan, the Chancellor set out a three-point plan to protect jobs and strengthen public finances, setting aside billions to
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Here are some key takeouts from Chancellor Rishi Sunak’s economic plan to help the UK’s recovery from the COVID pandemic: Source: TaxCalc For businesses and employers An extension of the Coronavirus Job Retention Support Scheme (CJRS) to September 2021 across the UK. The scheme will remain unchanged until July when the government will ask businesses
Self assessment taxpayers will not be charged a 5% late payment penalty if they pay their tax or set up a payment plan by 1 April, HMRC has announced Editor, Accountancy Daily, published by Croner-i The payment deadline for self assessment is 31 January and interest is charged from 1 February on any amounts outstanding. Normally,
Over half a million businesses who deferred VAT payments last year can now join the new online VAT Deferral New Payment Scheme to pay in smaller monthly instalments, HMRC has announced Editor, Accountancy Daily, published by Croner-i In order to take advantage of the new payment scheme businesses will need to have deferred VAT payments between
Pras Patel, tax advice consultant at Croner Taxwise, provides an at a glance guide to current and upcoming changes to the furlough rules Croner Taxwise Got kids? If your employee is unable to work because they are ‘caring for children who are at home as a result of school and childcare facilities closing’ then they
Over half a million businesses who deferred VAT payments last year can now join the new online VAT Deferral New Payment Scheme to pay in smaller monthly instalments, HMRC has announced published by Croner-i In order to take advantage of the new payment scheme businesses will need to have deferred VAT payments between March and June
Prime Minister Boris Johnson today unveiled his exit plan for the England lockdown. But businesses will have to wait until the 3 March Budget for news on the economic support package and the Covid support scheme extensions. Source – AccountingWeb Johnson’s “crucial but irreversible” roadmap for re-opening the country starts with schools returning on 8
Source – HMRC HMRC has announced that Self-Assessment customers will not be charged the initial 5% late payment penalty if they pay their tax or make a Time to Pay arrangement by 1 April. The payment deadline for Self-Assessment is 31 January and interest is charged from 1 February on any amounts outstanding. The deadline
Self Assessment clients who need to claim a contributory benefit soon after 31 January 2021, must make sure Class 2 National Insurance contributions payments are paid. This is to make sure their claims are unaffected, which could happen if: · they can’t pay all of their 2019 to 2020 Self Assessment (SA) liabilities by 31
Plan 1 – £19,895, earnings above this threshold will continue to be calculated at 9%. Plan 2 – £27,295, earnings above this threshold will continue to be calculated at 9%. Plan 4 (new plan type, Scottish Student Loans (SSL) – £25,000, earnings above this threshold will be calculated at 9%. Postgraduate loan – £21,000, earnings
We have been busy bolstering the support available to small and medium-sized businesses to help you navigate the new ways of doing business with the EU and to ensure you’re able to trade smoothly. Last week the Government announced a £20 million SME Brexit Support Fund to help small and medium-sized businesses adjust to new
Source: HMRC To support the government’s commitment to improving air quality in towns and cities; we are improving the car and car fuel benefit calculation. On 6 April 2020, we introduced 11 new bands for ultra-low emission vehicles (ULEVs) including a separate zero emissions band. If a car has a CO2 emission figure of 1-50g/km
Source: HMRC If your clients are contractors or engage or supply contractors, they may be affected by the off-payroll working rules (IR35). These come into effect on 6 April 2021 so your clients need to take action and prepare now. Our education and support is helping agents to understand the changes, so please share this information with
Source: HMRC Employers who have not reported and paid the loan charge. We are aware of a number of employers who have not reported and paid the loan charge on relevant disguised remuneration loans. We are writing to these employers to remind them of their responsibilities, and let them know what will happen next
Source: HMRC The DAC 6 reporting regime requires taxpayers and their advisers to disclose information on certain types of cross-border arrangements to HMRC. Following the end of the EU transition period the UK will move to global tax standards rather than EU ones (like DAC 6). As part of that move to global tax standards,
Source: HMRC If businesses deferred VAT due from 20 March to 30 June 2020 and still have payments to make, they can opt into the VAT deferral new payment scheme to pay their deferred VAT over a longer period. The payment scheme is expected to open on 23 February 2021 and close at the end of June 2021. If your client
Source – Croner-i The IR35 rule was introduced in 2000 to equalise the tax position between employees and individuals that provide their services, usually using a company (often called a Personal Services Company — PSC). The IR35 legislation aims to ensure a person acting as a contractor pays the same tax and national insurance as
The online portal to apply to spread VAT deferred from summer 2020 will be open from 23 February 2021, but tax agents cannot use this system on behalf of their clients. Source – Accounting Web All VAT registered businesses had their VAT payments deferred automatically for amounts due to be paid in the period from
Source: HMRC Our free trade deal gives us a clear framework for trading with the EU. Everyone who trades with EU member states must follow the new rules to keep their business moving. In this week’s letter, I want to focus on the range of Government support available for businesses who send goods to the
Businesses that took out government-backed Bounce Back Loans to get through Covid-19 will now have greater flexibility to repay their loans, the government has announced Source – , Accountancy Daily, Bounce Back Loan borrowers will now have the option to tailor payments according to their individual circumstances with the option to delay all repayments
Source: HMRC This year, as we mark the centenary of Northern Ireland, we need no reminder about its integral place within our United Kingdom. Our trade deal with the EU and the additional agreement known as the Northern Ireland Protocol has safeguarded Northern Ireland’s place in the UK’s customs territory. We have also preserved unfettered
Source – HMRC The link below to the Government website shows new rules which apply to things like travel and doing business with Europe. Use the Brexit checker to get a personalised list of actions for you, your business and your family. https://www.gov.uk/transition
As Business Secretary, one of my main priorities is helping businesses understand how to adapt to our new Trade and Cooperation Agreement with the EU. We are taking steps to make the process of adjusting to the new environment as simple as possible and to help you make the most of new opportunities in 2021.
Source: HMRC New customs and tax rules for trading with the EU started on 1 January 2021. To continue trading with countries in the EU, there are actions your client must take, to make sure they’re compliant and minimise costs and delays. Before they attempt to move their goods, they’ll need to: 1. Get ready