HMRC has warned that businesses must declare any coronavirus (COVID-19) support grants or payments on their company tax returns and stated that the grants and payments are taxable. The deadline for filing company tax returns is 12 months after the end of the accounting period. The deadline to pay corporation tax will depend on any… Read more…

The government’s Help to Grow: Digital scheme – designed to support smaller businesses in adopting digital technologies – is now open for applications. Under the scheme, eligible businesses can now receive discounts of up to £5,000 off the retail price of approved digital accounting and CRM software from leading technology suppliers. Businesses can also access… Read more…

HMRC has reopened a claims portal for small employers to again claim refunds for coronavirus (COVID-19)-related sick pay. The reopening follows the announcement of the reintroduction of the Statutory Sick Pay Rebate Scheme (SSPRS) from 21 December 2021 for employers with fewer than 250 employees by the government. The maximum claim per employee is two… Read more…

Consumer group Which? has urged taxpayers to avoid using so-called ‘refund firms’ to claim tax rebates. Which? stated that people are losing hundreds of pounds by using third-party companies to claim tax rebates rather than going directly to HMRC. Research carried out by the group found that one in five people had been either contacted… Read more…

The Confederation of British Industry (CBI) has warned the government that the planned rise in national insurance will squeeze budgets and affect economic growth. The rise will see employers, employees and the self-employed pay 1.25p more in the pound from April 2022. From April 2023, the extra tax will be collected as part of the… Read more…

Creating an official digital currency in the UK could pose significant risks to the financial stability of banks, a House of Lords committee has warned. The Lords Economic Affairs Committee said introducing a Central Banking Digital Currency (CBDC) ‘would have far-reaching consequences for households, businesses and the monetary system‘. The committee made its conclusions after… Read more…

Reports of scam HMRC phone calls have fallen by 97% over the last 12 months, according to the latest figures from the tax authority. According to HMRC, reports of scammers impersonating HMRC in phone calls peaked at 79,477 in March 2021 and fell to just 2,491 in December 2021. The fall in scam call reports… Read more…

The British Chambers of Commerce (BCC) has called for urgent action to help improve trade with the EU. A survey carried out by the BCC revealed that 60% of UK exporters reported difficulties trading with the EU. The business group said the number of lorries waiting to get into the port of Dover ‘also offers… Read more…

The decision to become self-employed can offer a whole wealth of benefits but it can also feel like a drastic change. The freedoms that self-employment offer are counterbalanced by greater responsibilities as you become both business owner and employee. One such responsibility is the decision on what type of business that you want. When it… Read more…

On 21 December 2021, Chancellor of the Exchequer, Rishi Sunak, unveiled a £1 billion COVID-19 fund, including cash grants of up to £6,000 per premises for each eligible firm. Mr Sunak said the government would also help certain firms with the cost of sick pay for COVID-related absences. The Chancellor also announced an extra £30… Read more…