The Association of Taxation Technicians (ATT) has issued a last call for businesses looking to make use of the increased Annual Investment Allowance (AIA). The AIA will be reduced from £1 million to £200,000 from 1 January 2021. Businesses that incur significant expenditure on plant and machinery before the end of this year are likely… Read more…

From 1 January 2021, the UK will operate a full external border with the EU, which will entail major changes for imports and exports to and from the trading bloc. From 1 January 2021, declarations will be needed to import or export specific (limited) goods categorised as ‘controlled’. However, for non-controlled goods brought from the… Read more…

HMRC has received more than 54,800 claims from taxpayers using a new online portal which allows workers to claim tax relief for working at home. From 6 April 2020, employers have been able to pay employees up to £6 a week tax-free to cover additional costs if they have had to work from home. Launched… Read more…

Self assessment taxpayers are now able to benefit from enhanced payment plans and can apply online for additional support to help spread their tax bill into monthly payments. The online payment plan service was already able to set up instalment arrangements for paying tax liabilities up to £10,000. From 1 October 2020, HMRC increased the… Read more…

Chancellor Rishi Sunak has announced approved additional funding for cash grants to support businesses required to close in England due to the lockdown. Those businesses affected will be eligible for the following: For properties with a rateable value of £15,000 or under, grants to be £1,334 per month, or £667 per two weeks For properties… Read more…

The government has increased the support available to self-employed workers and extended its emergency business loan schemes as the UK heads for a second national lockdown. On 5 November Rishi Sunak announced an increase  in the level of the third instalment of the Self-employment Income Support Scheme (SEISS) from 55% to 80% of average trading… Read more…

On 5 November, Chancellor Rishi Sunak announced that as part of the new national lockdown the Coronavirus Job Retention Scheme (CJRS) has been extended until the end of March 2021.  This announcement updates the Prime Minister’s previous announcement on 31 October that the CJRS would be extended for a month until December. The scheme has… Read more…

Revenue is the lifeblood of a business and ultimately dictates whether you find success or you go bust. The economy is in an incredibly precarious position right now. We are still battling the Covid pandemic and are continually hit with reoccurring restrictions, affecting nearly all businesses. This has led to a massive loss of jobs… Read more…

The government has announced that residential property transactions rose 15.6% in August following the introduction of a stamp duty holiday. The government has announced: a rise in sales supports nearly three quarters of a million jobs in the sector – with new homeowners also spending extra cash on decorating, furniture and appliances a 30% boost… Read more…

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…