Blog

As part of the 2021 Budget, the Government announced a £520m “Help to Grow” scheme, to help small and medium sized businesses (SMEs) across the UK. The scheme will provide eligible companies with digital and management support and training to help them innovate and grow. There are two components to the scheme: Help to Grow: Management:… Read more

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

Up until 3 March 2021 individuals who became self-employed in 2019/20 were not eligible for the First, Second or Third Self-Employed Income Support Scheme grants. However, in the 2021 budget announced on 3 March 2021, individuals who became self-employed in 2019/20 will be eligible for the fourth grant and fifth grant. Why SEISS pre-verification checks are… Read more

Big changes to the way contractors and those who work with them pay tax and National Insurance are coming this April. From April 2021, large and medium sized companies will need to check the employment status of their contractors where their services are being supplied through an intermediary, (usually a personal service company). You 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