News
Important deadlines approach for the furlough scheme
26 November 2020
Businesses across the UK are being reminded of key deadlines and actions for the Coronavirus Job Retention Scheme (CJRS), which are just days away.
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Spending Review highlights long-term economic impact of Coronavirus pandemic
26 November 2020
The Chancellor’s statement to Parliament setting out his Spending Review decisions came against a backdrop of predictions from the Office for Budget Responsibility (OBR), which indicated that the UK economy will shrink by 11.3 per cent this year – the largest fall in output for 300 years.
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The New COVID-19 Tier System
25 November 2020
When the national temporary lockdown ends in England on 2 December 2020, the country will enter a new tougher, tiered local system of restrictions.
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IFS predicts tax rises of more than £40 billion a year by the middle of the decade
19 November 2020
The Institute for Fiscal Studies (IFS) has predicted that taxes will need to rise by more than £40 billion a year by the middle of the decade to prevent Government debt from growing out of control. The widely-respected think tank issued the warning following the news that the Government’s Coronavirus response has cost more than...
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More than 50,000 people claim working from home tax relief through HM Revenue & Customs online portal
19 November 2020
HM Revenue & Customs (HMRC) has received more than 50,000 claims for tax relief for working from home since opening a new online portal on 1 October. Since the start of the current tax year on 6 April 2020, employers have been permitted to pay employees up to £6 a week in respect of the additional costs of working from home.
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HMRC called on to simplify the administration of tax reliefs
19 November 2020
The Office of Tax Simplification (OTS) is calling on HM Revenue & Customs (HMRC) to simplify the process of applying for tax reliefs so that fewer taxpayers miss out. In total, the UK has 1,190 tax reliefs, that each require taxpayers to claim or make an election to benefit from them. The OTS in its report has considered the...
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A quarter of businesses don’t think they will be ready for post-Brexit Britain
19 November 2020
A survey of almost a thousand company directors by the Institute of Directors (IoD) has found that nearly a quarter of businesses are not prepared for Brexit and do not expect to be ready by the end of the transition period on 31 December 2020. A further 21 per cent said they were still not ready, but hoped to be prepared by the...
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HMRC warns taxpayers still aren’t ready for Making Tax Digital
19 November 2020
The Director of Making Tax Digital (MTD) at HM Revenue & Customs (HMRC) has warned that “not all taxpayers are ready for a digitalised tax system.” Roy Wallace spoke with the Institute of Chartered Accountants in England and Wales (ICAEW) about the implementation of the new digital tax system after HMRC was criticised by the Public...
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Homebuyers need to start purchases this month to take advantage of Stamp Duty savings
19 November 2020
Thousands of people across the UK have purchased new homes to take advantage of the Government’s Stamp Duty Land Tax (SDLT) holiday, but Legal & General Mortgage Club has warned a backlog in the sales and mortgage process means that sales need to be completed quickly. The SDLT holiday announced earlier this year, ends in March 2021.
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Daily penalties waived for Self-Assessment late filing
19 November 2020
HM Revenue & Customs (HMRC) has confirmed that it will not charge the usual daily penalties for late filing of 2018-19 Self-Assessment tax returns, which were due by 31 January 2020. HMRC says the move is in response to the Coronavirus pandemic and the challenging circumstances taxpayers have faced in recent months.
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Case Studies
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Cut above the rest in personal management style
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A modern approach required for music moguls
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Sometimes a business does exactly as it says on the tin
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Customer care is top of the list for packaging business
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Child's play with proactive accounts management
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A taste for growth, a thirst for knowledge
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Smiles all round for dental practice
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Taxing demands with old school charm
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A shared passion for architecture and a head for numbers