News

Time is running out to join the VAT Deferral Scheme
21 May 2021

Companies now have less than one month left to join the VAT Deferral New Payment Scheme. The deadline to join the scheme on 21 June has prompted HM Revenue & Customs (HMRC) to issue a fresh warning to businesses that haven’t already joined the scheme, that they face a five per cent penalty if they do not make some form...
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Is your business ready for the changes to furlough?
21 May 2021

Following the Government’s decision to extend the Coronavirus Job Retention Scheme (CJRS) earlier this year, businesses now have the opportunity to rely on this support until the end of September. Introduced more than a year ago, the furlough scheme (as it is more commonly known) has helped many businesses to retain...
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Insolvency Service to be given new powers to tackle directors who misused COVID loan schemes
21 May 2021

Directors of dissolved companies who have benefited from the Government-backed Coronavirus loan schemes, who now do not intend to repay them, could find themselves facing tough sanctions. The Government has announced that the Insolvency Service will be given new powers to investigate directors of companies that have been dissolved...
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What you need to know about the new EU VAT e-commerce rules
20 May 2021

The new European Union cross-border VAT e-commerce rules are set to come into force on 1 July 2021. If you move or supply goods to the EU or Northern Ireland, here’s what you need to know. What are the new e-commerce rules? The new regulations are designed to make life “simpler and fairer” for traders.
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HMRC unveils penalty regime for VAT deferral scheme
17 May 2021

Companies that signed up to the VAT deferral scheme have been warned they face a five per cent penalty if they do not make payment arrangements by 30 June this year. Over half a million businesses deferred VAT payments last year. HM Revenue & Customs (HMRC) has confirmed that companies will be liable for the penalty or interest...
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COVID forces businesses to change direction
17 May 2021

The devastating effects of the pandemic have meant small businesses in the UK have changed the direction of their organisations to survive the impact of the Coronavirus pandemic and lockdown restrictions. More than a year on from the start of the first official national lockdown and with the country currently slowly exiting...
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Workers can continue to claim home working tax allowance in the new tax year
17 May 2021

One unexpected bonus for staff forced to work from home because of the pandemic has been a £6 per week tax break. People will have seen their household bills naturally go up over the last year, from increased working at home and the Government has recognised this.
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Reimbursed expenses – What you need to know
17 May 2021

In most cases, expenses an employee incurs at work are paid for by their employer, but some, like travel and accommodation expenses, are reimbursed later by the employer. Since 2016, the system for reimbursed expenses has been simplified, which means that HM Revenue & Customs (HMRC) will usually accept that business expenses...
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HMRC to tackle SEISS abuse with new penalty regime
17 May 2021

With the fourth round of the Self-Employment Income Support Scheme (SEISS) now well underway, HM Revenue & Customs has announced tough new fines for those that abuse the financial support on offer. The new penalty regime is aimed at those who have overclaimed the SEISS grant, which includes any amount of grant...
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New Debt Respite Scheme launched
17 May 2021

A new Debt Respite Scheme, designed to give a debtor with problem debt the right to legal protection from their creditors, is now available. The new scheme consists of two new two types of ‘breathing space’: A standard breathing space – Available to anyone with problem debt, which offers legal protection from creditor action...
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