HMRC has sent letters to VAT-registered businesses in Great Britain trading with the EU, or the EU and the rest of the world. They explain what businesses need to do to prepare for new processes for moving goods between Great Britain and the EU from 1 January 2021. Measures explained in the letter include: making… Read more…

Businesses in England that are required to shut because of local interventions will now be able to claim up to £1,500 per property every three weeks. To be eligible for the grant, a business must have been required to close due to local COVID-19 restrictions. The largest businesses will receive £1,500 every three weeks they… Read more…

HMRC has issued detailed guidance on the domestic reverse charge changes scheduled for 1 March 2021. The reverse charge represents part of a government clampdown on VAT fraud. Large amounts of VAT are lost through ‘missing trader’ fraud. As part of this type of fraud, VAT is charged by a supplier, who then disappears, along… Read more…

The Bounce Back Loan Scheme (BBLS) has provided support to many UK-based small businesses. Loans are between £2,000 and £50,000, capped at 25% of turnover, with a 100% government guarantee to the lender. The borrower does not have to make any repayments for the first 12 months, with the government covering the first 12 months’… Read more…

Over half a million businesses deferred VAT payments, which were due in March to June 2020, with these payments becoming due at the end of March 2021. As part of the Winter Economy Plan the government has now announced the option for such businesses to spread their payments over the financial year 2021/22. Businesses will… Read more…

As part of the Winter Economy Plan the Self-Employment Income Support Scheme (SEISS) will be extended under the name SEISS Grant Extension. The grant: will be limited to self-employed individuals who are currently eligible for the SEISS, and will be available to individuals who are actively continuing to trade but are facing reduced demand due… Read more…

The existing job support scheme, the furlough scheme, comes to an end on 31 October. As part of the Winter Economy Plan the government announced it will be introducing a new Job Support Scheme from 1 November 2020. For employers to participate in the scheme: employees will need to work a minimum of 33% of… Read more…

The rise of the coronavirus and the restrictions that have followed have had a significant effect on businesses, both large and small. Social distancing and quarantine have transformed the way in which customers shop, with many companies falling casualty along the way. We are in uncertain times, but there are ways to improve your chances… Read more…

HMRC has published the latest edition of the Employer Bulletin. This guidance for employers, and their agents, includes articles on: Coronavirus Job Retention Scheme and what employers need to do from August onwards making sure you are paying the correct workplace pension contributions new laws to ensure furloughed employees receive full statutory redundancy payments the… Read more…

Two self assessment deadlines are approaching: 5th October 2020 For those individuals who have not previously completed a tax return but need to report a liability for 2019/20. 31st October 2020 For those individuals who have previously submitted ‘paper’ self assessment tax returns the deadline for the 2019/20 return is 31 October 2020. Returns submitted… Read more…