Blog

The application process for the SME (Small and medium-sized enterprise) Brexit Support Fund is now open. The £20 million SME Brexit Support Fund enables businesses to access practical support, including training for new customs, rules of origin and VAT processes. Small and medium sized businesses that trade solely with the EU – and are therefore new to importing and exporting processes – are… 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’. With the UK having been adversely affected by the coronavirus (COVID-19) pandemic, Chancellor Rishi Sunak presented the 2021… Read more

You can now make February CJRS claims. These must be made by Monday 15 March. You can claim before, during or after you process your payroll. If you can, it’s best to make a claim once you’re sure of the exact number of hours your employees will work so you don’t have to amend your… Read more

Self assessment taxpayers have an additional four weeks to pay tax or set up a payment plan without being charged a 5% late payment penalty, HMRC has confirmed. In light of the impact of the coronavirus pandemic, HMRC has extended the late payment penalty deadline for self assessment (SA) taxpayers until 1 April. Normally a… Read more

Any business that deferred VAT payments due between 20 March and 30 June 2020 as a result of the Coronavirus pandemic, must now consider how they will repay this outstanding tax. They can choose from the following options in order to do this: Pay the deferred VAT in full by 31 March 2021; Join the… Read more

It is doubtful that HMRC will change the tax year end date. The current tax year will therefore come to an end on 5 April 2021. Which means that tax-payers still have two months (February and March 2021) to take advantage of any tax planning strategies that may advantage their tax liabilities for 2020-21. As… Read more

Major changes to the VAT scheme for construction which HMRC are imposing will begin on 1st March 2021.  The reverse charge means that the customer receiving the service must pay the VAT to HMRC instead of the supplier.  In turn the customer can recover the VAT, subject to the normal rules for VAT recovery.  It is… Read more

It was announced yesterday that the Coronavirus Job Retention Scheme (CJRS) and Covid-19 business loan schemes would be extended. Coronavirus Job Retention Scheme (CJRS) Businesses adversely affected by the coronavirus (COVID-19) can now make use of the CJRS until the 30 April 2021, with the government continuing to pay 80% of employees’ salaries (capped at… Read more

Income Tax As part of the government’s support package for Covid-19 pandemic, Self Assessment payments on account that were due 31 July 2020 could be deferred to January 2021. In the Winter Economy Plan it was announced that taxpayers with up to £30,000 of Self-Assessment liabilities due on 31 January 2021 could make payment in… Read more

The Brexit transition period comes to an end on 31 December this year. After this date, the UK will no longer be in the EU Single Market or Customs Union and free movement will stop. This will have a profound impact on many businesses, especially those that trade with European customers or suppliers. There is… Read more