A package of one-off grants worth between £4,000 and £9,000 for businesses in the retail, hospitality and leisure sectors is being made available by the Government, as a result of…
Professional News
HMRC in last minute self-assessment late penalties U-turn
HM Revenue & Customs (HMRC) have confirmed that self-assessment customers will not receive a penalty for their late online tax return, providing they are able to file their returns by…
Independent commission argues against annual wealth tax but advocates a one-off charge
An independent commission established last spring by the London School of Economics, the University of Warwick and the Economic and Social Research Council to analyse proposals for a wealth tax…
Could the Government launch a permanent state-backed small business loan scheme?
According to reports in the Financial Times, the Government is considering launching a new loan scheme, where businesses could borrow anything up to £10 million through an 80 per cent…
HMRC issues new warning over lockdown fraudsters
HM Revenue & Customs (HMRC) has issued new warnings after it received reports that fraudsters were attempting to dupe taxpayers by purporting to be the tax authority. Throughout the past…
Furlough scheme extended until spring 2021 – what does this mean for your clients?
As businesses deal with the impact of yet another national lockdown in England, the Chancellor has taken further steps to protect jobs, businesses and the self-employed by announcing additional changes…
Employee mobile phone use – what are the tax rules when working from home?
During the last few months, to assist workers with working from home, many businesses have supplied a work mobile phone, but how should they account for this benefit? Typically, the…
HMRC warns taxpayers still aren’t ready for Making Tax Digital
The Director of Making Tax Digital (MTD) at HM Revenue & Customs (HMRC) has warned that “not all taxpayers are ready for a digitalised tax system.” Roy Wallace spoke with the Institute…
Annual Investment Allowance extended
Since 1 January 2019, the Annual Investment Allowance (AIA) for capital allowances has been £1 million – helping businesses to invest tax efficiently. The allowance for expenditure on plant and…
Time to prepare (once again) for the VAT reverse charge
In just a few months, more than 150,000 businesses connected to the construction industry will have to make a fundamental change to how they manage their VAT affairs. Although the…
