Tax changes outlined in draft Finance Bill 2020 – 2021

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...

VAT treatment of imported goods up to £135 to change under new rules

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...

HM Revenue & Customs sets out Making Tax Digital plans for VAT and Income Tax

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...

Reminder: VAT payment deferral period has ended

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...

New legislation introduced to protect redundancy pay of furloughed workers

The Government has announced that from 31 July 2020 any furloughed worker that is made redundant will receive a payment based on their normal wage rather than the...

Coronavirus Business Interruption Loan Scheme expanded to more businesses

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...

HM Revenue & Customs publishes Job Retention Bonus guidance

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...

Small business Covid recovery boosted by £20million in new grants

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...

HM Revenue & Customs sets out details of penalties for breaches of furlough and self-employment scheme rules

HM Revenue & Customs (HMRC) has set out full details of the penalties that will apply to employers and self-employed...

Banks list top 10 Coronavirus scams

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...