Late payments: Large businesses to pay small firms within 30 days under Prompt Payment Code
20 Jan 2021
The Government has confirmed that large businesses that have signed up to the Prompt Payment Code (PPC) must pay small businesses within 30 days.
Read Full StoryHM Revenue & Customs increases the threshold for Self-Assessment online payment plan service to £30,000
19 Jan 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, without having to […]
Read Full StoryIndependent commission argues against annual wealth tax but advocates a one-off charge
19 Jan 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 as well as tax barrister, […]
Read Full StoryCould the Government be about to launch a new permanent state-backed small business loan scheme?
19 Jan 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), would provide a permanent state-backed […]
Read Full StoryHMRC issues new warning over lockdown fraudsters
19 Jan 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 and individuals out of money by […]
Read Full StoryFSB proposes move to turn Covid emergency debt into shared ownership schemes
19 Jan 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 their indebtedness in this way. Already nearly […]
Read Full StoryVAT – Post-Brexit arrangements
19 Jan 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. Import VAT Goods that move into the UK from the EU from […]
Read Full StoryIR35: Businesses are still not prepared for off-payroll working rules
18 Jan 2021
According to a recent study, many UK firms are not adequately prepared for the off-payroll tax rule changes for the private sector to start in April 2021.
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