News & Events

Applications for the government’s Help to Grow: Digital programme, which aims to assist small firms in adopting digital technology, are currently being accepted. Eligible firms can now save up to £5,000 on the retail price of authorised digital accounting and CRM software from renowned technology providers thanks to the scheme. Businesses can also get hands-on help and guidance on how to choose the correct digital technology to help them expand and become more productive. The plan now has three accounting…

HMRC has cautioned that any coronavirus (COVID-19) support grants or payments must be declared on corporate tax filings and that the funds and payments are taxable. Company tax returns must be filed within 12 months of the end of the accounting period. The deadline for paying company tax is determined by the number of taxable profits and the end of the accounting quarter. Unless profits surpass £1.5 million, it is usually nine months following the conclusion of the accounting quarter.…

          As fraudsters circle, millions of people have yet to file their tax returns. More than three million people have yet to complete their self-assessment tax returns, despite the fact that the deadline has been pushed out to January 31. 3.5 million people, or 29 per cent of those who use the self-assessment system, have yet to file, according to HM Revenue and Customs (HMRC). Those who are up to a month late will not be…

HMRC has reminded self assessment taxpayers to declare any COVID-19 grant payments on their 2020/21 tax return. According to HMRC, more than 2.7 million customers claimed at least one Self-employment Income Support Scheme (SEISS) payment up to 5 April 2021. The tax authority says these grants are taxable and customers should declare them on their 2020/21 tax return before the deadline on 31 January 2022. Myrtle Lloyd, HMRC’s Director General for Customer Services, said: ‘We want to help customers get…

HMRC is waiving late filing and late payment penalties for self assessment taxpayers for one month. The measure will give those taxpayers affected by the coronavirus (COVID-19) extra time, if they need it, to complete their 2020/21 tax return and pay any tax due. HMRC is still encouraging taxpayers to file and pay on time if they can. The tax authority also revealed of the 12.2 million taxpayers who need to submit their tax return by 31 January 2022, almost…

Finance Secretary Kate Forbes delivered the 2022/23 Scottish Budget on 9 December 2021, setting out the Scottish Government’s financial and tax plans. The Budget outlined the government’s spending plans, income tax and Land and Buildings Transaction Tax. Announced in the Budget was almost £2 billion of low-carbon capital investment in infrastructure. This includes the first £20m of the 10-year Just Transition Fund to help the northeast and Moray transition from carbon-based industries. The Scottish Budget announced the phased return of…

On 21 December 2021, Chancellor of the Exchequer, Rishi Sunak, unveiled a £1 billion COVID-19 fund, including cash grants of up to £6,000 per premises for each eligible firm. Mr Sunak said the government would also help certain firms with the cost of sick pay for COVID-related absences. The Chancellor also announced an extra £30 million to help support organisations such as theatres, orchestras and museums. To support other businesses impacted by the Omicron wave – such as those who…

On 20 December 2021, the Welsh government outlined a Budget to ‘build a stronger, fairer and greener Wales‘. The Welsh government unveiled a £116 million package of funding to aid with the economic recovery from the COVID-19 pandemic. This will be combined with existing permanent relief schemes that see over 85,000 properties continue to receive support. The scheme will be capped at £110,000 per business. Many firms had been receiving 100% off their rates, which helps to pay for services provided…

The new laws will assist in combating harmful activities include financial service providers presenting information in a way that exploits clients’ behavioural biases, offering unfit-for-purpose products or services, and providing poor customer service. By strengthening standards and assisting businesses in getting products and services right the first time, the FCA hopes to “create a fundamental shift in industry attitude.” Firms will have to focus on assisting and empowering their clients to make sound financial decisions and avoid foreseeable harm throughout…

The latest version of HMRC’s Employer Bulletin is now available. Articles on the following topics are included in this guide for employers and their agents: When payments are issued early during Christmas, PAYE information is reported in real-time, preventing and resolving payroll problems. Increased National Insurance Contributions in Health and Social Care under the UK-Swiss Convention on Social Security Coordination. COVID-19 is a summary of HMRC’s VAT guidelines. Construction and building sites are subject to a Reverse Charge, which requires…