The government has delayed the introduction of Making Tax Digital (MTD) for Income Tax Self Assessment (MTD for ITSA) for a year, HMRC recently announced. The government says it has made the move in recognition of the challenges faced by many UK businesses as the country emerges from the pandemic. It will now introduce MTD… Read more…

From April 2022, the government plans to create a new social care levy which will see UK-wide tax and National Insurance Contribution (NIC) increases. There will be a 1.25% increase in NICs on earned income, with dividend tax rates also increasing by 1.25%. The money raised will be ringfenced for health and social care costs.… Read more…

HM Treasury has announced that Chancellor Rishi Sunak will deliver the Autumn 2021 Budget on Wednesday 27 October. On 7 September the Chancellor launched Spending Review 2021, which will conclude on 27 October and will be presented alongside the Autumn Budget. The Spending Review will outline government departments’ resource and capital budgets from 2022/23 to… Read more…

The government’s Coronavirus Job Retention Scheme (CJRS) ended on 30 September after supporting millions of workers during the pandemic. The government said the wages of more than 11 million people were subsidised for at least some of the scheme’s duration at a cost of around £70 billion. Economists say there is likely to be a… Read more…

The government’s scheme that enables small businesses to recoup statutory sick pay costs caused by COVID-19 closed at the end of September. Legislation ending the Coronavirus Statutory Sick Pay Rebate Scheme (SSPRS) was laid before parliament on 9 September. Before the COVID-19 pandemic, employers were obliged to pay Statutory Sick Pay (SSP) to eligible employees… Read more…

The government has opened a £800 million Reinsurance Scheme to cover live events against cancellations stemming from the COVID-19 pandemic. The live events sector is worth more than £70 billion annually to the UK economy and supports more than 700,000 jobs, including small businesses and the self-employed. The UK Live Events Reinsurance Scheme will support… Read more…

UK workers could get more choice over when and where they work under new proposals to make the right to request flexible working a day one entitlement. The government will also introduce a day one right to one week’s unpaid leave for carers balancing a job with caring responsibilities. The government says the plans will… Read more…

COVID-19 emergency finance schemes offered £80.5 billion of finance to almost 1.7 million businesses through the British Business Bank (BBB) during the last financial year. This support, which is not included under the Bank’s core programmes, was evenly distributed across the nations and regions of the UK. In addition, the BBB supported £8.5 billion through… Read more…

Property within the UK offers a lucrative investment opportunity and is likely to become even more popular in the coming years. We all know how hard it is to get on to the property ladder, particularly for first-time buyers. One of the consequences of this is that more and more people are choosing to rent,… Read more…

HMRC has published a policy paper outlining the forthcoming changes to the penalties for late payment and interest harmonisation for taxpayers. The government intends to reform sanctions for late submission and late payments to make them ‘fairer and more consistent across taxes’. Initially the changes will apply to VAT and Income Tax Self Assessment (ITSA).  … Read more…