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...
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...
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...
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...
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...
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...
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...
Treasury has announced the extension of the Coronavirus Job Retention Scheme (CJRS) until December, with furloughed employees set to receive 80% of their salary for hours not worked and businesses asked only to cover national insurance and employer pension contributions. Prime Minister Boris Johnson announced a new national lockdown for England on 31 October. The...
Business Asset Disposal Relief (BADR) previously known as Entrepreneurs’ Relief (ER) Business Asset Disposal Relief was known as Entrepreneurs’ Relief before 6 April 2020. BADR/ER provides a beneficial 10% Capital Gain Tax rate on the first £1 million of eligible gains per individual (which is tested on a lifetime basis). The Budget 2020...
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Birmingham: 9 Sheaf Lane, Coventry Road, Birmingham
London: Suite 2462, Unit 3A,34-35 Hatton Garden,London, EC1N 8DX
Bradford: 22 Muirhead Drive, Bradford, BD4 0HJ
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Birmingham: 0121 7268 542
London: 0208 0908 998
Bradford: 44 7515 029751
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