As part of the Scottish Budget, Finance Secretary Kate Forbes also announced changes to Land and Buildings Transaction Tax (LBTT) which apply from 1 April 2021. The Scottish Government’s stated policy priority for residential LBTT remains to help first-time buyers and to assist people as they progress through the property market. The current rates and… Read more…

Finance Secretary Kate Forbes delivered the 2021/22 Scottish Draft Budget on Thursday 28 January 2021, setting out the Scottish Government’s financial and tax plans. The Government has devolved powers to set the rates and bands of income tax (other than those for savings and dividend income) which apply to Scottish resident taxpayers. The Scottish Budget… Read more…

HMRC has published the names of 139 named companies that failed to pay minimum wages amounting to £6.7 million to over 95,000 workers. HMRC has named 139 companies, including major household names, that have underpaid their employees and have been fined. The offending companies failed to pay £6.7 million to their workers, in a breach… Read more…

HMRC has revealed that more than 10.7 million taxpayers submitted their 2019/20 Self Assessment tax returns by the 31 January deadline. The remaining 1.8 million whose tax return is now late will not be charged a late filing penalty provided they submit their return online by 28 February. Taxpayers who did not pay their Self… Read more…

We may have entered a new year, but with the start of a third national lockdown, for many businesses, nothing has changed. Although not confirmed, the new lockdown is likely to last until spring, which is worrying many business owners. Fortunately, Chancellor Rishi Sunak has announced that the government will provide much-needed funding for those… Read more…

HMRC is advising the self employed that the Self-Employment Income Support Scheme (SEISS) has been extended. Taxpayers who were not eligible for the first and second grant will not be eligible for the third. To make a claim for the third grant the taxpayer’s business must have had a new or continuing impact from coronavirus… Read more…

Action Fraud has warned the public to remain vigilant when making festive charitable donations as the number of scams rises. Figures published by Action Fraud showed that £350,000 in charitable donations ended up with criminals over the festive period in 2019. It warned that fraudsters often set up fake charities or impersonate well known charitable… Read more…

The Institute of Directors (IoD) has warned the government that a rise in CGT would affect Britain’s entrepreneurial spirit. The business group believes CGT could be targeted by the Treasury and increased in order to help put public finances back on a stable footing following the coronavirus (COVID-19) pandemic. Tej Parikh, Chief Economist at the… Read more…

The deadline for submitting your 2019/20 self assessment return is 31 January 2021. The deadline applies to taxpayers who need to complete a tax return and make direct payments to HMRC in respect of their income tax, Classes 2 and 4 National Insurance Contributions (NIC), capital gains tax and High Income Child Benefit Charge liabilities.… Read more…