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…

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…