HMRC has announced that Self Assessment taxpayers will not be charged a 5% late payment penalty if they pay their tax or set up a payment plan by 1 April. The payment deadline for Self Assessment is 31 January and interest is charged from 1 February on any amounts outstanding. Normally, a 5% late payment… Read more…

Business groups welcomed the Chancellor’s Budget for protecting the economy now and kickstarting recovery from the COVID-19 pandemic. Tony Danker, Director General of the CBI, said: ‘The Chancellor has gone above and beyond to protect UK businesses and people’s livelihoods through the crisis and get firms’ spending. ‘Thousands of firms will be relieved to receive… Read more…

Chancellor Rishi Sunak set out a Budget to protect businesses through the pandemic, fix the public finances and begin building the future economy. The Chancellor once again pledged to do ‘whatever it takes’ during the COVID-19 pandemic and confirmed that the furlough scheme would be extended until September 2021 to support jobs through the crisis.… Read more…

The Chancellor Rishi Sunak presented his second Budget on Wednesday 3 March 2021. In his speech he stated his Budget ‘meets the moment with a three-part plan to protect the jobs and livelihoods of the British people’. Our summary focuses on the tax measures which may affect you, your family and your business. To help… Read more…

On 28 January, Finance Secretary for Scotland, Kate Forbes, outlined plans for Scottish spending and taxation in the 2021/2022 Scottish Budget. In the Budget, Ms Forbes announced plans to continue first-time homebuyer relief, which raises the nil-rate band for Land and Buildings Transaction Tax (LBTT) to £175,000. The Budget also highlighted plans to return the… Read more…

With all of the stresses of modern life, it’s easy to feel as if you’re losing control. When you add the pressure of work, whether that be as an employer or employee, it can be even more difficult. Fortunately, there are ways in which you can take back control and feel less overwhelmed. Obviously, tackling… Read more…

The UK’s Supreme Court has found in favour of small firms receiving payments from COVID-19 business interruption insurance policies. The test case was brought against insurers by the Financial Conduct Authority (FCA). The ruling means that thousands of small businesses are now set to receive insurance payouts covering losses from the first national lockdown. Commenting… Read more…

The Confederation of British Industry (CBI) has urged the government to provide more financial assistance to businesses affected by the coronavirus (COVID-19) pandemic ahead of the Budget on 3 March 2021. The business group has outlined support measures required to help protect UK businesses through the spring. It has called for: an extension of the… Read more…

The Low Incomes Tax Reform Group (LITRG) has urged the government to raise the High Income Child Benefit Charge (HICBC) threshold to avoid it affecting basic-rate taxpayers for the first time in April 2021. The LITRG stated that this goes against the original policy intent, and is ‘likely to cause the government additional difficulties in… Read more…

The government has announced that employers can now apply for a £1,000 bonus, a cash boost, to help them take on new trainees. The new scheme will support young people to gain the skills and experience they need from the start, helping them to get a job, an apprenticeship, or to pursue further study. The… Read more…