The government has confirmed its intention that furloughed employees will be paid 80% of their wages for hours not worked under the furlough scheme. Up to 30 June 2021, this payment will be fully-funded by government and capped at £2,500 per month. From 1 July…
Many businesses across the UK are likely to make losses in the 2020-21 tax year due to the havoc resulting from COVID disruption. Which was why the announcement in the recent Budget that losses can be carried back for an extended period was most welcome.…
You can make a simplified declaration before you export your goods. This is called ‘presenting’ your goods to customs. The first part of your declaration does not need as much information as a full declaration. When it’s approved, you can export your goods or move…
HMRC published the following press release on Valentine’s Day 2021: HMRC is encouraging married couples and people in civil partnerships to sign up for a tax break this year. Marriage Allowance offers individuals the chance to transfer part of their Personal Allowance to their husband,…
At first sight, company cars drivers whose private fuel costs are met by their employers may seem to be onto a good thing, but there is a nasty tax hit… Enter, the Car Fuel Benefit charge. When the current tax year ends, 5 April 2021,…
If you took advantage of the offer to defer VAT payments falling due between 20 March 2020 and 30 June 2020 – to help out with the impact of COVID disruption – you now have three choices. You can: Pay the deferred VAT in full…
Almost 25,000 Self-Assessment customers have set up an online payment plan to manage their tax liabilities in up to 12 monthly instalments, totalling £69.1 million, HMRC revealed recently. In October, HMRC increased the threshold for self-serve Time to Pay arrangements from £10,000 to £30,000 for…
We already have more than our fair share of adversity to deal with at present, don’t let criminals add to your woes by defrauding you of hard-earned cash resources. HMRC has recently published a warning to taxpayers about scammers posing as HMRC employees. They said:…
The end of the calendar year is a popular accounting date for many businesses, but for those of us with a year-end accounting date of 31 March 2020, reviewing your management accounts for the nine months to the end of December 2020 can have real…
Since 13 May 2020, it has been possible to use online processes, accessed via the gov.uk website, to either: Clarify if you are eligible to apply for the Self-Employed Income Support Scheme Lodge your claim. Payment should usually be in your bank account within 6…