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Budget 2021: Recovery Loan Scheme set for April launch

A new loan scheme to support access to finance for UK business as they grow and recover from the disruption of the Covid-19 pandemic was announced at the Budget Editor, Accountancy Daily, published by Croner-i The Recovery Loan Scheme ensures businesses of any size can continue to access loans and other kinds of finance up to

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Budget 2021: Recovery Loan Scheme set for April launch

A new loan scheme to support access to finance for UK business as they grow and recover from the disruption of the Covid-19 pandemic was announced at the Budget Editor, Accountancy Daily, published by Croner-i The Recovery Loan Scheme ensures businesses of any size can continue to access loans and other kinds of finance up to

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Budget 2021: Covid-19 support measures at a glance

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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Your 2021 Budget summary from TaxCalc

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

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HMRC temporarily waives late payment penalties

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,

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VAT deferral payment scheme online service opens

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

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VAT deferral payment scheme online service opens

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

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Roadmap to end lockdown puts spotlight on Budget

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

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Self-Assessment Late Payment Penalties

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

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Tax Off-payroll working rules: are your clients ready

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

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Disguised remuneration

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

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The IR35 Rule

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

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Tax agents can’t help with deferred VAT

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

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Bounce Back Loan repayment terms extended to 10 years

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

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Do you move goods to Northern Ireland?

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

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BREXIT

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

Refund Policy

For online payments taken via the Invoice Payment page, no refunds can be given as payment is only taken after my service has been provided.