Keep up to date with the latest news and insights from ourselves and the industry as a whole.
COVID-19 emergency finance schemes offered £80.5 billion of finance to almost 1.7 million businesses through the British Business Bank (BBB) during the last financial year.
UK workers could get more choice over when and where they work under new proposals to make the right to request flexible working a day
The government’s Coronavirus Job Retention Scheme (CJRS) ended on 30 September after supporting millions of workers during the pandemic. The government said the wages of
The government has opened a £800 million Reinsurance Scheme to cover live events against cancellations stemming from the COVID-19 pandemic. The live events sector is
HM Treasury has announced that Chancellor Rishi Sunak will deliver the Autumn 2021 Budget on Wednesday 27 October. On 7 September the Chancellor launched Spending
If you agreed a PAYE Settlement Agreement (PSA) with HMRC for 2020/21, you will need to pay the tax and Class 1B National Insurance that
Making Tax Digital (MTD) for VAT is currently only compulsory for VAT-registered businesses whose turnover for VAT is above the VAT registration limit of £85,000.
The Coronavirus Job Retention Scheme (CJRS) came to an end on 30 September 2021. The scheme has provided financial help to employers and employees during
As part of the Government’s funding strategy for health and social care, the dividend tax rates are to be increased from April 2022, alongside the
On 8 September 2021, the Prime Minister outlined the Government’s plans for health and social care, including a new funding strategy designed to meet social
The end of September could signal the end of the road for many UK businesses, as on October 1 temporary measures introduced by the Corporate
Temporary insolvency restrictions protections are being lifted and new targeted measures to support small business and commercial tenants introduced. The UK Government has announced that
The Government have recently named and shamed well-known employers who have fallen foul of the National Minimum Wage legislation. They have also published a list
You may be able to benefit from funding under the Kickstart Scheme if you are looking to create new jobs for young people. Information on
The national roll-out of the new £100 spending limit for contactless card payments will begin from 15 October 2021, banking trade body UK Finance has
The plastic packaging tax is a new tax which is being introduced from 1 April 2022. The tax aims to provide a financial incentive to
The CIOT has warned that some claims being made by firms offering help with Stamp Duty Land Tax (SDLT) refunds are too good to be
HMRC has published a policy paper outlining the forthcoming changes to the penalties for late payment and interest harmonisation for taxpayers. The government intends to
The government has ‘named and shamed’ 191 companies that have broken National Minimum Wage (NMW) laws. Following investigations by HMRC, the named firms have been
New company car advisory fuel rates have been published and took effect from 1 September 2021. The guidance states: ‘you can use the previous rates
The BCC has urged the government to extend skills training in light of the publication of research which showed that one in five companies are
HMRC has urged taxpayers to stay alert to the threat of digital scams and scammers claiming to represent HMRC. Research published by HMRC revealed that
HMRC has published a consultation that outlines plans to implement reporting rules for digital platforms first put forward by the Organisation for Economic Co-operation and
The recent ‘pingdemic’ has resulted in large numbers of employees self-isolating. Where an employee meets the qualifying conditions, you must pay them SSP while they
HMRC have been consulting on the reform of the basis period rules in preparation for the introduction of Making Tax Digital for Income Tax Self-Assessment
If you take on temporary staff over the summer, you will need to pay them at least the National Living or Minimum Wage appropriate to
Now that the ‘work from home if you can’ guidance has been lifted, employees are returning to the office. If, following their return, you allow
The EU e-commerce package came into effect on 1 July 2021. It introduced reforms in respect of the movement of goods from Northern Ireland to
HMRC has updated the guidance on salary sacrifice. HMRC has removed the guidance on ‘Salary sacrifice arrangements set up before 6 April 2017’ as the
HMRC has issued guidance on claiming the fifth and final self-employed Income Support Scheme (SEISS) grant. Unlike previous SEISS grants the amount of the fifth
1. Ensure you have good financial reporting The first step to good cash flow management services is to understand the ebb and flow of money
As the Coronavirus Job Retention Scheme (CJRS) enters its final months, now is the time to review grants that you have claimed under the scheme,
HMRC is reminding tax credit claimants that they have until 31 July 2021 to renew their claims. According to HMRC, 440,000 claimants have yet to
The rollout of Making Tax Digital may have slowed due to the pandemic but there is low awareness about the next stage covering landlords, small
Thousands of landlords have failed to come clean about the tax they owed to HMRC as 42% fewer property investors voluntarily disclosed unpaid tax to
Listed businesses are highly sceptical about what the government’s proposed reforms to audit and corporate governance will achieve without a more proportionate approach, according to
As the consultation on the future of audit closes, Peter Manser, head of audit and assurance at Kreston Reeves LLP, argues that managed shared audit
As businesses embark on the road to recovery, what challenges do company financial directors need to be most aware of and how can they best
Claims for the fifth grant under the Self-Employment Income Support Scheme (SEISS) will open from late July. If, based on your tax returns, HMRC think
The way cars are bought is changing! The emergence of online retailers and manufacturers starting to sell direct to the public. What does this herald
The Coronavirus Job Retention Scheme has been extended until 30 September 2021 and the level of grant available to employers under the scheme will stay
If you are self-employed, you will pay Class 2 and Class 4 National Insurance contributions if your profits exceed the relevant thresholds. Class 2 National
If you have some shares that have become worthless, you can make a negligible value claim. This will allow you to set the associated loss
You can use a PAYE Settlement Agreement (PSA) if you wish to settle the tax liability arising on the provision of a benefit-in-kind or an
Businesses that deferred VAT payments last year have less than a month left to join online and pay in monthly instalments under the VAT Deferral
HMRC has confirmed that the fifth Self-employment Income Support Scheme (SEISS) grant covering the period May 2021 to September 2021 will open to claims from
If you are an employer and you provided taxable expenses and benefits to your employees during the 2020/21 tax year, you will need to report
If you are a company that has operated any share plans or in the past tax year have issued shares, share options, or securities to
If you run your business as a personal or family company, you will need to decide how best to extract profits for your personal use.
On 6 April, the Recovery Loan Scheme (RLS) was introduced to replace the government’s coronavirus lending schemes. The RLS provides financial support to businesses affected
If you are an employee with a company car, you will be taxed on the benefit derived from the car being available for your private
On 19 April, a government-backed mortgage scheme to help people with 5% deposits get on to the housing ladder was made available to lenders. First
Stamp duty land tax (SDLT) is payable when you buy a property in England or Northern Ireland. Last year, the SDLT residential threshold was temporarily
To help businesses that have suffered losses as a result of the COVID-19 pandemic, the period for which certain trading losses can be carried back
Employees who are working from home will need to make new claims for tax relief for the 2021/22 tax year, HMRC has stated. From 6
The Association of Independent Professionals and the Self-Employed (IPSE) has stated that the recent changes to the rules relating to off-payroll workers, commonly known as
On 21 April, the online service for applications for the fourth Self-employment Income Support Scheme (SEISS) grant was opened for claims, HMRC confirmed. All applications
It is currently very tax efficient for a company to hire or purchase an electric car for an employee to use. The key current tax
The Self-Employment Income Support Scheme (SEISS) provides grant support to eligible self-employed taxpayers who have been adversely affected by the COVID-19 pandemic. A further two
The Coronavirus Job Retention Scheme (CJRS) has provided a lifeline for many employers and employees during the COVID-19 pandemic. The scheme was due to come
Companies within the charge to corporation tax who invest in new plant and machinery in the two years from 1 April 2021 are able to
To help meet some of the costs of the COVID-19 pandemic, the Chancellor has opted to freeze various allowances and thresholds until April 2026, rather
HMRC announced in January that they would not charge a late filing penalty if your 2019/20 tax return was not filed by midnight on 31
The 2021/22 tax year starts on 6 April 2021. If you employ staff, you will need to update their tax codes before you pay them
The main rate of corporation tax is due to increase to 25% for the financial year 2023, starting on 1 April 2023. However, companies with
Business interruption insurance policies provide cover for losses that arise if a business is severely disrupted or is forced to close. The policy will cover
The extension to the off-payroll working rules finally comes into effect from 6 April 2021, having been delayed by a year as a result of
Traditionally, this is the time at which we recommend you take stock of tax and-finance for you, your family, and your business. A strategic review
With the UK having been adversely affected by the coronavirus (COVID-19) pandemic, Chancellor Rishi Sunak presented the 2021 Budget against a backdrop of ongoing economic
Wealthy families are making more claims for inheritance tax repayments under a little-known rule that allows refunds on share and property losses. Executors are able
To help you get organised for the year ahead we’ve grouped together some of the upcoming important financial dates. January 2021 14th – Income tax due
Tips to improve your budget forecasting One of the most important aspects of running your company is budget forecasting. After all, without good forecasting, your
The introduction of the Pay as You Grow Loan Scheme is part of the UK governments second phase package of measures to support organisation during
Job Support Scheme UK (JSS) is the second phase in the UK government support measure for organisations during the COVID-19 pandemic. It offers grants to
HMRC have updated their capital gains tax (CGT) reporting system to allow reports of second and subsequent disposals of UK residential property to be made
When it comes to money, coronavirus has split the nation. Financial stress dominates for many of the 9.5 million employees on furlough, potentially facing unemployment as the
British Prime Minister Boris Johnson announced on July 2 that pubs, restaurants and hotels could reopen in England on July 4, easing the coronavirus lockdown
Budgeting and forecasting allow a business to plan accurately for its fiscal year. Below are 10 ways to improve these processes to create a strategic
The government’s Self-Employment Income Support Scheme will be extended, giving more security to individuals whose livelihoods are adversely affected by coronavirus in the coming months,
This is the right time to outsource your finance function in these times when you are busy focusing on your business let us focus there