The Government has unveiled its draft legislation for the 2020 – 2021 Finance Bill (the Bill). The new proposals cover a number of measures that were previously announced in the 2020 Spring Budget. To help you gain a greater appreciation for potential tax changes on the horizon, we have prepared a summary of some of…
Following a change in EU state aid rules, the Government has announced that it will expand the Coronavirus Business Interruption Loan Scheme (CBILS) to certain businesses classed as “undertakings in difficulty” – those with large losses and debts. The UK remains subject to EU state aid rules during the Brexit transition period. The change means…
VAT on imported goods with a value of up to £135 will be collected at the point of sale, not the point of importation from 1 January 2021. New guidance has been issued by HM Revenue & Customs (HMRC) which outlines how it anticipates the import of goods from outside the UK below this value…
HM Revenue & Customs (HMRC) has published guidance setting out how the Job Retention Bonus will operate. The Job Retention Bonus was announced by the Chancellor at the Summer Economic Update on 8 July 2020 and will provide employers with a one-off payment of £1,000 for each previously furloughed employee continuously employed to 31 January…
The Government has announced new grants aimed at smaller businesses in England worth £20 million, to help them obtain the support they need to recover from the effects of the Coronavirus pandemic. Under the new scheme, small and medium-sized businesses will be able to obtain grants of between £1,000 – £5,000 that can be used…
HM Revenue & Customs (HMRC) has set out its plans for the future of the Making Tax Digital (MTD) programme, with confirmation of the timeline for the expansion of MTD for VAT and the introduction of MTD for Income Tax. Since its introduction in April 2019, MTD for VAT has required most VAT-registered businesses with…
HM Revenue & Customs (HMRC) has set out full details of the penalties that will apply to employers and self-employed individuals who are found to have breached the rules of the Coronavirus Job Retention Scheme (CJRS) and Self-Employment Income Support Scheme (SEISS). A factsheet published by HMRC confirms that employers that have over claimed CJRS…
The financial support offered by the Government through the VAT payment deferral scheme has come to an end. This period, which was intended to support businesses struggling with the impact of COVID-19, ended on 30 June 2020. You must now pay any VAT due after this date on time as HM Revenue & Customs (HMRC)…
Throughout this ongoing pandemic, fraudsters have attempted to play on people’s fears to try and trick them out of their hard-earned cash. Now UK Finance, the trade body for the British banking sector, has issued a list of the most common scams to help people identify them. The ten scams to be wary of include:…
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