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 […]
Tag Archives: HMRC News
01
Mar
Mar
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 […]
24
Feb
Feb
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 […]
10
Feb
Feb
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 […]
29
Jan
Jan
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 […]
Business News, Corporation Tax, HMRC News, Income Tax, Property Tax, Tax Investigation
What if you can’t pay your tax bill on time?
13
Jan
Jan
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 […]
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 […]
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 […]
Business News, Coronavirus News, HMRC News
Extension of CJRS: Furlough scheme changed for new lockdown
02
Nov
Nov
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 News, Coronavirus News, HMRC News
Chancellor enhanced financial support for businesses affected by COVID
26
Oct
Oct
Chancellor announced increases in financial support for businesses yesterday to support businesses affected by COVID restrictions. Sunak highlighted that the current three-tier approach to introducing lockdown measures was ‘the right way to control the spread of the virus’. However, he acknowledged that ‘even businesses which remain open face profound economic uncertainty.’ So far, enhanced support […]