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HMRC

Extension to late loan charge spreading elections

The Low Income Tax Reform Group (LITRG) has welcomed the decision to extend the late loan charge spreading elections up to 31st December 2020. The original deadline was 30th September 2020, but was missed by a number of people. A Statement of Practice has been published by HMRC that outlines how they will accept late

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register for self-assessment
HMRC

New changes to off-payroll working rules (IR35)

Off-payroll working rules (IR35) are set to change on 6th April 2021. From this date the rules will change regarding engaging with individuals through personal service companies. These changes will effect medium and large sized businesses, as well as all public authorities. Under the new changes, organisations will be responsible for determining whether the off-payroll

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mixed funds
Coronavirus Updates

Coronavirus support scheme overpayment penalty guidance issued by HMRC

HMRC have issued guidance on penalties that might be incurred where there is failure to notify of an overpayment made under certain coronavirus support schemes, the following schemes are included: Coronavirus Job Retention Scheme, Self-Employment Income Support Scheme and Eat Out to Help Out Scheme. Failure to notify if you have received a coronavirus support

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register for self-assessment
HMRC

Government has proposed draft legislation for Plastic Packaging Tax

The government has proposed a draft legislation to introduce a Plastic Packaging Tax, which would take effect from April 2022. The aim of the tax is to provide businesses with an economic incentive to start using recycled material when manufacturing plastic packaging. The tax will increase levels of recycling and plastic waste collection by increasing

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national insurance increase
Coronavirus Updates

Furlough Scheme extended until the end of March 2021

In an announcement today, Chancellor Rishi Sunak confirmed the Furlough Scheme will be extended until the end of March 2021. The government will pay employees, who are on the Furlough Scheme, 80% of their wages however, employers are still expected to make contributions to National Insurance and pensions for hours not worked. The scheme is

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UK Government

Calls for Stamp Duty Land Tax holiday to be extended

During the coronavirus pandemic the government introduced the Stamp Duty Land Tax (SDLT) holiday in England and Northern Ireland for residential properties purchased from 8th July 2020 to 31st March 2021. The reduced rates allow for people to purchase property under the value of £500,000 and pay no SDLT. With SDLT reduced rates set to

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making tax digital
Coronavirus Updates

Self-Employment Income Support Scheme Extended

Following on from Boris Johnson’s announcement to extend the Furlough Scheme through until December, it has been further announced that the Self-Employment Income Support Scheme grant will also be extended. The scheme will last for 6 months from November 2020 to April 2021 with grants being paid in two instalments, each covering a three month

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national living wage increase
Coronavirus Updates

Furlough scheme extended as Prime Minister announces national lockdown for England

England is preparing to face another national lockdown following Boris Johnson’s announcement over the weekend (31st October ). The PM addressed the nation telling people they must stay at home from 5th November until 2nd December, when rules will be reviewed. All non-essential shops along with bars and restaurants will have to close however, schools

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