HMRC plans to make tax payable sooner

The government is planning a radical policy change to collect tax sooner. What’s the full story? Consultation.  On 23 March 2021 HMRC launched a consultation entitled “Timely payment - a call for evidence”. Its purpose is to provide HMRC with information that will allow it to advise the government on collecting self-assessment tax sooner. This will have the … Continue reading HMRC plans to make tax payable sooner

Budget Summary March 2021

The highlights of the Chancellor's announcement: Coronavirus support the Coronavirus Job Retention scheme (furlough scheme) will be extended until the end of September 2021. From an employee’s perspective nothing will change but employers’ contributions will increase starting in Julythe fourth tranche of the Self-Employment Income support Scheme will go ahead and there will be a … Continue reading Budget Summary March 2021

What’s the latest on Making Tax Digital for income tax?

Making Tax Digital for income tax self-assessment (MTDfITSA) will launch in April 2023. Do you need to prepare for quarterly reporting? All individuals earning more than £10,000 business and/or property income per year are required to join MTDfITSA  from April 2023. The following will not need to join: Trusts, estates, trustees of registered pension schemes … Continue reading What’s the latest on Making Tax Digital for income tax?

No more delay to new reverse charge for builders

New rules were supposed to apply to construction businesses that buy and sell services as part of a larger supply chain from October 2019. However, these were delayed twice. What’s the latest? The new reverse charge for builders is aimed at preventing “missing trader” VAT fraud in the construction industry. This is where a contractor … Continue reading No more delay to new reverse charge for builders

Just days left to claim third coronavirus business grant

The third coronavirus grant claim deadline is fast approaching. If you haven’t yet applied, what do you need to do? The Self-Employment Income Support Scheme (SEISS) was initially intended to cover the two quarters to 31 October 2020, but was extended for a further two quarters due to the ongoing restrictions on businesses. The SEISS … Continue reading Just days left to claim third coronavirus business grant

Covid 19: further support for “non-essential” businesses announced.

This morning (5th January 2021) it's been announced that retail, hospitality and leisure businesses will be entitled to extra coronavirus support. What details are available? Although many businesses deemed “non-essential” were already closed due to being in Tier 3 or 4 areas, the Prime Minister’s announcement last night that the whole of England was being … Continue reading Covid 19: further support for “non-essential” businesses announced.