The twice-delayed introduction of the domestic VAT reverse charge for construction services came into effect on 1 March 2021. The change was originally scheduled to come into effect from 1 October 2019 but was deferred for 12 months after industry bodies highlighted concerns about the lack of preparation and the impact on businesses. It was… Read more…

HMRC has published a briefing on its approach to the changes to off-payroll working rules, commonly known as IR35, which will be introduced on 6 April 2021. Reiterating its advice from last year, HMRC has confirmed that it will not issue penalties for inaccuracies in the first 12 months of the regime, unless there is… Read more…

HMRC has announced that businesses that deferred VAT payments last year can now join the new online VAT Deferral New Payment Scheme to pay it in smaller monthly instalments. To take advantage of the new payment scheme businesses will need to have deferred VAT payments between March and June 2020, under the VAT Payment Deferral… Read more…

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…