We regularly write articles to keep you up to date with changes that affect your growing business.
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COVID-19
As the Coronavirus Job Retention Scheme (CJRS), otherwise known as the furlough scheme, ended on 30 September 2021, October marks the last month in which employers will need to handle the related claims. What dates shall employers be aware of? 14 October 2021 is the last day to make CJRS claims for September 2021. 28 October
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The temporary reduced rate of VAT for hospitality has increased to a transitionary rate from today, 01 October 2021. The new rate of 12.5 per cent will remain until 31 March 2022, when it reverts to the standard rate of 20 per cent. The temporary reduced rate of five per cent was introduced on 15
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Brexit
Due to Brexit, driver retirement and the enforced IR35 reform, there is now a shortage of Heavy Goods Vehicle (HGV) drivers in the UK - around 100,000, according to some estimates. Therefore, businesses must reconsider their risk-averse strategies for managing any tax changes related to employment. IR35 specialists have revealed that re-evaluating approaches to status determination
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The Coronavirus Job Retention Scheme (CJRS), or furlough, closes at the end of September and has benefited millions of workers during the COVID-19 pandemic. The Government subsidising wages has helped to preserve businesses, retain jobs and make sure skills were not lost to the economy. According to Chancellor Rishi Sunak, it was the right thing
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Businesses will now get an additional year to prepare for the Income Tax digital changes, as revealed by HM Revenue and Customs (HMRC). Acknowledging the challenges faced by many UK businesses during the pandemic, the Government will now launch Making Tax Digital (MTD) for Income tax Self-Assessment (ITSA) in the tax year beginning April 2024,
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COVID-19
Recent research shows that in 2021, over 8,700 chain stores have closed due to the major shift in online shopping - partly caused by the coronavirus pandemic. Overall numbers fell by 5,251 as the number of chain store closures outweighed the number of new store openings. Out of all chains, fashion-based stores were affected the
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COVID-19
The debt threshold for a winding up petition will be temporarily increased in wake of the coronavirus pandemic, it has been announced. It comes as temporary measures preventing businesses from entering insolvency are phased out next month. According to the Insolvency Service, companies in financial distress as a result of Covid-19 disruption have been protected
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New Advisory Fuel Rates (AFRs) have come into effect from the beginning of September 2021, which apply to employees who use a company car. AFRs are set by the Government as a guide to business in repaying car fuel costs when the employee is carrying out company business. HM Revenue & Customs (HMRC) says that
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From April to May this year, 18 to 24-year olds reported over 5,000 phone-related scams to HM Revenue and Customs (HMRC). With this in mind, HMRC is now warning university students who have part-time jobs of the risks of falling victim to scams. Recent data reveals that there are even higher numbers of students going
Blog
COVID-19
As the furlough scheme comes to an end, the latest figures have revealed that almost 12 million workers in England, Wales, Northern Ireland and Scotland have been supported by the Coronavirus Job Retention Scheme (CJRS) since its launch last year. The initiative – which forms part of the Government’s Plan for Jobs – supports businesses
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The taxman has confirmed that its new penalty points system for late tax payers will come into effect for the new tax year in April 2022. HM Revenue & Customs (HMRC) says the move is designed to iron out anomalies and show some leniency to taxpayers who generally obey the rules while targeting those who are
Blog
COVID-19
The number of people returning to work from furlough has reached its highest level since the start of the pandemic in March, the latest figures have revealed. The report, published by HM Treasury, comes as the Coronavirus Job Retention Scheme (CJRS) winds down at the end of this month. According to the research, the number
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