The UK government has opened the £20 million SME Brexit Support Fund for applications from 15 March. This support fund will support small businesses with reforms to trade rules with the EU. Smaller businesses can apply for grants of up to £2,000 to help them adapt to new customs and tax rules when trading with...
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Finance Bill 2021: Details Published
The government has published the details of the Finance Bill 2021 on 11 March 2021. The Bill highlights the important law measures(announced in the recent 2021 Budget) set to come into legislation. Chancellor Rishi Sunak announced the following measures in his budget speech: an extension of the stamp duty holiday in England a super-deduction capital...
HMRC has announced a new online VAT Deferral New Payment Scheme for the businesses that deferred VAT payments last year. Businesses can now pay in smaller monthly instalments. HMRC said that If businesses deferred VAT payments due between 20 March 2020 and 30 June 2020 and still have payments to make, they can: pay the...
The domestic VAT reverse charge for construction services will come into effect on 1 March 2021, according to HMRC. It was initially scheduled to come into effect from 1 October 2019 but was postponed until October 2020. The VAT reverse charge for construction is an extension of the Construction Industry Scheme (CIS).It applies only to...
UK government has extended the Bounce Back Loan repayment terms for a further six months. Bounce Back Loan borrowers will now have the opportunity to make payments according to their individual circumstances. They now have the option to delay all repayments for a further six months. Pay as You Grow will be available to over...
HMRC has extended the self assessment deadline by a month until 28 February. It is a great relief for the customers struggling due to Coronavirus pandemic. Self Assessment customers will not receive a penalty for filing their online tax return late, HMRC announced on 25 January. Already more than 8.9 million taxpayers have filed their...
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...
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...
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...
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...
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