Businesses that deferred VAT payments last year have less than a month left to join online and pay in monthly instalments under the VAT Deferral New Payment Scheme, HMRC has warned. The online portal for the new payment scheme will close on 21 June 2021. Over half a million businesses deferred £34 billion in VAT… Read more…

Freeport operators will be able to take advantage of a zero rate of secondary national insurance contributions (NICs) for employees, the government has announced. The National Insurance Contributions Bill 2021, which legislates reliefs for those operating in Freeports, has now been published. The Bill confirms that from April 2022, organisations with employees spending 60% or… Read more…

The UK government has confirmed that its plastic packaging tax (PPT) will come into force on 1 April 2022. The PPT will be charged at a rate of £200 per metric ton of chargeable plastic packaging components of a single specification. It will apply to plastic packaging components manufactured in or imported into the UK.… Read more…

The Treasury has launched a review into the effectiveness of the Office of Tax Simplification (OTS), the independent body responsible for helping to make the UK tax system simpler and easier to interact with for taxpayers. In a new call for evidence, the Treasury said that whilst the review is internal, it is keen to… Read more…

The temporary Trade Credit Reinsurance (TCR) scheme that helped struggling supply chain firms secure insurance protection during the pandemic will close at the end of June, it has been confirmed. In a statement, the government and the Association of British Insurers said the scheme will close on 30 June as planned. The TCR scheme was… Read more…

The forms P11D which report details of benefits and some expenses provided to employees and directors for the year ended 5 April 2021, are due for submission to HMRC by 6 July 2021. The process of gathering the necessary information and completing the forms can take some time, so it is important that this process… Read more…

New company car advisory fuel rates have been published and took effect from 1 March 2021. The guidance states: ‘You can use the previous rates for up to one month from the date the new rates apply’. The rates only apply to employees using a company car. The advisory fuel rates for journeys undertaken on… Read more…

There has been a notable increase in remote working over the last decade. This is unsurprising as business becomes more global and technology advances. However, the trend has been kicked into overdrive in the last year, due to Covid-19. In many countries, Governments have urged people to work from home, when possible. Many companies themselves… Read more…

On 21 April, the online service for applications for the fourth Self-employment Income Support Scheme (SEISS) grant was opened for claims, HMRC confirmed. All applications must be submitted by the individual self-employed worker and cannot be handled by accountants or tax advisers. The fourth grant will be 80% of three months’ average trading profits, to… Read more…

On 6 April, the Recovery Loan Scheme (RLS) was introduced to replace the government’s coronavirus lending schemes. The RLS provides financial support to businesses affected by the COVID-19 pandemic. The scheme gives lenders a guarantee of 80% on eligible loans between £25,000 and £10 million to give them confidence in continuing to provide finance to… Read more…