News

26 Feb

SMEs needing advice on imports and exports can apply for grants, HMRC confirms

Small and medium-sized enterprises (SMEs) requiring advice on imports and exports will be able to apply for a grant of up to £2,000, HMRC has confirmed.

25 Feb

Online service for VAT deferral scheme opens

Over half a million businesses that deferred VAT payments last year can now join the new online VAT Deferral New Payment Scheme to pay it in smaller monthly instalments, HMRC has announced.

24 Feb

Late payment penalties for self assessment waived until 1 April

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.

23 Feb

More support needed to help businesses once lockdown lifts

Business groups have called on the government to extend its coronavirus (COVID-19) support through to the end of the roadmap for lifting lockdown restrictions.

22 Feb

Domestic VAT reverse charge comes into effect on 1 March

The twice-delayed introduction of the domestic VAT reverse charge for construction services will come into effect on 1 March 2021.

19 Feb

SME service for bank complaints goes live

A new service designed to resolve disputes between eligible small and medium-sized enterprises (SMEs) and participating banks has gone live.

18 Feb

HMRC clarifies off-payroll rules

HMRC has published a briefing on its approach to the changes to off-payroll working rules, commonly known as IR35, which will be introduced on 6 April 2021.

17 Feb

IFS urges Chancellor to outline economic recovery plans in upcoming Budget

The Institute for Fiscal Studies (IFS) has urged Chancellor Rishi Sunak to use the upcoming Budget to set out plans for an economic recovery from the coronavirus (COVID-19) pandemic.

16 Feb

Over half a million businesses could collapse without further support

Almost 600,000 UK employers are at risk of business collapse in the spring if there is no extension of government coronavirus (COVID-19) support, according to a new report by the Institute for Public Policy Research (IPPR).

15 Feb

Clarity needed on taxation of COVID test costs, says ICAEW

The Institute of Chartered Accountants in England and Wales (ICAEW) has urged HMRC to confirm whether COVID-19 antigen tests paid for by employers will continue to be exempt from income tax and national insurance after 5 April 2021.

12 Feb

UK economy shrank by record 10% in 2020

The UK economy shrank by almost a tenth in 2020 as the COVID-19 pandemic adversely affected businesses, according to the latest figures from the Office for National Statistics (ONS).

11 Feb

IoD calls for government to put entrepreneurs at heart of economic recovery

In its 2021 Budget submission, the Institute of Directors (IoD) has urged the government to put entrepreneurs 'at the heart' of the economic recovery from the coronavirus (COVID-19) pandemic.

10 Feb

Borrowers of Bounce Back loans given six more months for repayments

Businesses that took out government-backed Bounce Back loans to get through the COVID-19 pandemic will now have greater flexibility to repay their loans, the government has announced.

09 Feb

HMRC's customer service levels impacted by COVID-19

Data published by HMRC has revealed that its customer service levels have been adversely affected by the COVID-19 pandemic.

08 Feb

Almost a third of house sales fall through as stamp duty deadline nears

Almost a third of house sales fell through in January as the end of the stamp duty holiday drew closer, according to a report from Rightmove.

05 Feb

Vaccination programme set to boost economic recovery

The UK's COVID-19 vaccination programme will help the UK economy rebound strongly this year, according to the Bank of England (BoE).

04 Feb

COVID-19 business lending exceeds £71 billion

UK businesses have now borrowed over £71 billion via the government's coronavirus (COVID-19) support schemes, according to figures from HM Treasury.

03 Feb

1.8 million still to file self assessment returns

The self assessment deadline on 31 January was missed by 1.8 million taxpayers, according to figures from HMRC.

02 Feb

CBI urges government to publish roadmap out of lockdown

The Confederation of British Industry (CBI) has urged the government to work with businesses to formulate a roadmap out of the latest coronavirus (COVID-19) lockdown in England.

01 Feb

Government announces £1,000 bonus to help businesses take on trainees

Employers can now apply for a £1,000 cash boost to help them take on new trainees, the government has announced.

29 Jan

Finance Secretary for Scotland outlines spending plans in 2021/22 Scottish Budget

On 28 January, Finance Secretary for Scotland, Kate Forbes, outlined plans for Scottish spending and taxation in the 2021/2022 Scottish Budget.

28 Jan

More than 900,000 businesses 'at risk of failing by April', research warns

A report published by the London School of Economics (LSE) has warned that more than 900,000 businesses are at risk of failing by early April as a result of the coronavirus (COVID-19) pandemic.

27 Jan

UK tax system 'discourages employment and investment', IFS suggests

The Institute for Fiscal Studies (IFS) has suggested that the current UK tax system discourages employment, investment and corporate risk-taking and needs reform.

26 Jan

HMRC waives self assessment penalties for a month

Self assessment taxpayers will not be fined for late online returns if they file by 28 February, HMRC has said.

25 Jan

LITRG calls for rise in High Income Child Benefit Charge threshold

The Low Incomes Tax Reform Group (LITRG) has urged the government to raise the High Income Child Benefit Charge (HICBC) threshold to avoid it affecting basic-rate taxpayers for the first time in April.

22 Jan

Nine million people borrowed more in 2020 as result of COVID-19 pandemic

Almost nine million people had to borrow more money in 2020 as a result of the coronavirus (COVID-19) pandemic, data published by the Office for National Statistics (ONS) has revealed.

21 Jan

One in three blocked from paying with cash during pandemic

Over a third of UK consumers have been blocked from paying for goods with cash during the coronavirus (COVID-19) pandemic, according to research from consumer group Which?.

20 Jan

Big businesses must pay small suppliers more quickly under changes to PPC

Large businesses must now pay their smaller suppliers more quickly under changes to the UK's Prompt Payment Code (PPC).

19 Jan

CBI urges government to 'act on COVID business support' ahead of Budget

Ahead of the 2021 Budget in March, the Confederation of British Industry (CBI) has urged the government to provide more financial assistance to businesses affected by the coronavirus (COVID-19) pandemic.

18 Jan

Supreme Court backs small firms on business interruption claims

The UK's Supreme Court has found in favour of small firms receiving payments from COVID-19 business interruption insurance policies.

15 Jan

COVID-19 is reasonable excuse for self assessment late filing, says HMRC

HMRC says it will accept coronavirus (COVID-19) as a reasonable excuse for the late filing of self assessment tax returns.

14 Jan

Taxpayers using Time to Pay to spread cost of tax payments

Tax payments worth over £69 million are being spread through HMRC's Time to Pay facility, according to the tax authority.

13 Jan

Monthly deadline approaching for furlough claims

HMRC has reminded employers that there are now monthly deadlines for claims for furloughed staff under the Coronavirus Job Retention Scheme (CJRS).

12 Jan

ICAEW calls for further guidance on CIS changes

The Institute of Chartered Accountants in England and Wales (ICAEW) has urged HMRC to publish draft regulations and guidance on the forthcoming changes to the Construction Industry Scheme (CIS).

11 Jan

HMRC issues self assessment scam warning

The approach of the 31 January self assessment tax return deadline will bring a surge in scams, HMRC has warned.

08 Jan

Pandemic drives dramatic increase in SME borrowing

Gross lending to small and medium-sized enterprises (SMEs) in the first three quarters of 2020 reached £54 billion driven by COVID-19 loan schemes, according to figures from trade body UK Finance.

07 Jan

HMRC reveals 2,700 tax returns submitted on Christmas Day

HMRC has revealed that 2,700 tax returns were filed on Christmas Day 2020.

06 Jan

Business groups urge Chancellor to do more to support firms

Business groups have welcomed Chancellor Rishi Sunak's latest lockdown support package for businesses, but have urged him to do more.

05 Jan

Chancellor unveils £4.6 billion lockdown grant package

Chancellor Rishi Sunak has announced a new £4.6 billion package of grants to support businesses through the latest national lockdown.

04 Jan

TUC urges employers to offer furlough to parents affected by school closures

The Trades Union Congress (TUC) has called on employers to offer furlough to working parents affected by COVID-19 school closures.

HMRC have very recently announced that the self-assessment late payment surcharge will not apply until 1 April 2021… https://t.co/Cthfc9oMAQ

4 days ago

@ThompsonJenner

Help is available, make sure you are aware of all the options. To find out more about the scheme, how it works an… https://t.co/0Mr1jU9Hr5

6 days ago

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A few places left...Join us on Thursday 4th March at 4pm, for our Online 2021 Budget Briefing -… https://t.co/R1ERdmSW6u

11 days ago

@ThompsonJenner

Tax planning for year end 2020/21, looking at Inheritance tax...head to our advice page, it's important you are awa… https://t.co/pYxfyVoGht

12 days ago

@ThompsonJenner

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