News

HM Revenue & Customs increases the threshold for Self-Assessment online payment plan service to £30,000
20 January 2021

HM Revenue & Customs (HMRC) has increased the threshold for Self-Assessment taxpayers to use its online self-service Time to Pay payment plan service from £10,000 in tax liabilities to £30,000. The move means that more taxpayers will be able to spread the cost of their tax bills by paying in monthly instalments...
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Independent commission argues against annual wealth tax but advocates a one-off charge
20 January 2021

An independent commission established last spring by the London School of Economics, the University of Warwick and the Economic and Social Research Council to analyse proposals for a wealth tax has rejected an annual tax but has advocated a one-off charge. The commission comprises senior academics from the universities involved...
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Could the Government be about to launch a new permanent state-backed small business loan scheme?
20 January 2021

According to reports in the Financial Times, the Government is considering launching a new loan scheme, where businesses could borrow anything up to £10 million through an 80 per cent state-guaranteed bank loan. The new scheme, which could be a successor to the existing Coronavirus Business Interruption Loan Scheme (CBILS)...
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HMRC issues new warning over lockdown fraudsters
20 January 2021

Within hours of the Prime Minister announcing a new national lockdown in England, HM Revenue & Customs (HMRC) has issued new warnings after it received reports that fraudsters were attempting to dupe taxpayers by pretending to be the tax authority. Throughout the last year, criminals attempted to scam businesses...
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FSB proposes move to turn Covid emergency debt into shared ownership schemes
20 January 2021

The Federation of Small Businesses (FSB) is calling on the Government to introduce new measures to help companies struggling with COVID-related debt, including employee shared ownership. The FSB has said that businesses are facing “unmanageable” levels of Coronavirus debt – with four out of 10 small businesses describing...
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VAT – Post-Brexit arrangements
20 January 2021

The latest guidance on VAT on imports and services to and from the EU is complex and businesses need to account for this in their trading. To help we have provided a brief summary below, but we highly recommend you seek additional advice.
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Insurance industry to pay out on COVID-19 business interruption claims
18 January 2021

More than 370,000 small businesses in England and Wales could be due a payout on their business interruption insurance after the Supreme Court ruled in favour of payments being made on previously refused claims and policies. A number of insurers have lost an appeal against an earlier ruling, brought in a test case by the Financial...
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Understanding the “Rules of Origin”
14 January 2021

Businesses exporting to the European Union need to understand how “Rules of Origin” work to benefit from the UK-EU Free Trade Agreement, as many goods and services exported to the EU will remain tariff-free, providing these rules are met. The Rules of Origin establish the country of origin of imported and exported goods...
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Are you making full use of the Government’s COVID-19 financial support package?
08 January 2021

Download our latest guide to make sure you are taking advantage of the support on offer As we enter yet another national lockdown, businesses may be concerned about their ability to survive and succeed in the weeks and months ahead. The level of support on offer from the Government and local authorities is unprecedented via the various grants, loans and payment holidays now available.
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Government extends agricultural visa scheme to fill jobs left by EU workers
07 January 2021

The UK Government has tripled the number of workers employers can recruit from overseas to work on UK farms in 2021, it has been revealed. Under the Seasonal Workers Pilot, 30,000 visas are now available to overseas talent seeking agricultural and horticultural work for a period of up to six months.
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