Latest News

Banks list top 10 Coronavirus scams
Posted: August 4, 2020

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: _ Read more

Reminder: VAT payment deferral period has ended
Posted: August 4, 2020

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) _ Read more

Penalties for breaches of furlough and self-employment scheme rules confirmed
Posted: August 4, 2020

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 _ Read more

HM Revenue & Customs sets out Making Tax Digital plans for VAT and Income Tax
Posted: August 4, 2020

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 _ Read more

Small business Covid recovery boosted by £20 million in new grants
Posted: August 4, 2020

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 _ Read more

HM Revenue & Customs publishes Job Retention Bonus guidance
Posted: August 4, 2020

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 _ Read more

VAT treatment of imported goods up to £135 to change under new rules
Posted: August 4, 2020

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 _ Read more

Coronavirus Business Interruption Loan Scheme expanded to more businesses
Posted: August 4, 2020

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 _ Read more

Tax changes outlined in draft Finance Bill 2020 – 2021
Posted: August 4, 2020

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 _ Read more

£84 billion of R&D tax credits unclaimed – Could you be eligible for a share of this funding?
Posted: July 13, 2020

Innovative businesses, both large and small, are hungry for funding to assist them as they emerge from lockdown and begin their recovery. While the Government has offered several loans and grants to COVID-stricken businesses, there is an existing tax relief that remains largely unclaimed. Data from HM Revenue & Customs (HMRC) analysed by tax reclaim _ Read more