Contact HM Revenue and Customs (HMRC) as soon as possible if you have missed your tax bill payment. How you contact HMRC depends on what you need to pay. You have to pay interest if you pay late. You may avoid penalties by contacting HMRC as soon as possible. If you cannot pay because of […]
Category Archives: HMRC News
11
Jan
Jan
Chancellor Rishi Sunak has announced £4.6 billion in new lockdown grants to support businesses and protect jobs. UK businesses in the retail, hospitality and leisure sectors will get one-off grants worth up to £9,000 per property. The payments will support 600,000 business properties across the UK. A further £594 million will be available to councils […]
04
Jan
Jan
HMRC’s new data has shown that 2,700 people used Christmas day to file their tax returns. Many taxpayers chose to send the documents in just after lunchtime on 25 December. The peak time for completing tax returns was between 2 pm to 2.59 pm. More than 200 customers pressed ‘submit’ on their online form in […]
Business News, Coronavirus News, HMRC News, Tax Investigation
Self Assessment filing deadline: No relaxation
24
Dec
Dec
HMRC has rejected requests from professional bodies (ACCA, CIOT, AAT, ICAEW and ICAS) to relax the Self Assessment filing deadline. HMRC will issue penalty notices as usual to all who file late but will allow more time to appeal. Many members contacted ICAEW in relation to the 31 January self assessment filing deadline. ICAEW wrote […]
22
Dec
Dec
The government must extend SEISS Self-employment Income Support Scheme to fulfil their commitment with employed workers, says IPSE. Chancellor Rishi recently announced the extension of the coronavirus (COVID-19) Job Retention and loan schemes from March until April 2021. IPSE welcomed this announcement. However, it claims that self-employed workers have received less comprehensive support from the […]
15
Dec
Dec
The UK government is planning to replace existing the £65bn Covid loans programme with a permanent state-backed SME loan scheme. The new scheme will support lending by banks to a broad range of small to medium-sized business. Under the plans, the government would guarantee 80 per cent of loans to small businesses. The business could […]
09
Dec
Dec
HMRC has reminded employers that they must submit furlough claims November 2020 under CJRS by 14 December 2020. Mr Chancellor has extended the CJRS until the end of March 2021. The government will review the scheme in January 2021. Although payroll dates may differ for the Christmas period. The claims can continue to be submitted […]
02
Dec
Dec
The experts have predicted a rise in the number of CBILS applications. The government’s Coronavirus Business Interruption Loan Scheme (CBILS) supports small businesses that have lost capital due to covid-19 outbreak. The finance lender MarketFinance recently surveyed 5,000 UK companies, employers with a minimum turnover of £250,000. The lender conducted the study in November 2020 […]
23
Nov
Nov
HMRC is writing to businesses in the hospitality sector requesting them to verify their claims made under the Eat Out scheme. The COVID support scheme was available throughout August. It provided firms with up to £10 per diner to enable them to offer up to 50% discount on food on specific weekdays. HMRC stated that […]
12
Nov
Nov
The Office of Tax Simplification has revealed a new report on the policy design and core principles of CGT. The OTS has suggested some reforms for simplifying the design of Capital Gains Tax (CGT). In July 2020, the Chancellor asked the OTS to carry out a review of Capital Gains Tax to identify: the opportunities […]