Budget 2021

The Chancellor of the Exchequer Rishi Sunak has presented his 2021 Budget with the snappy subtitle of ‘Protecting the jobs and livelihoods of the British people’ to the House of Commons today. Here we’re going to focus on the tax related announcements which primarily affect businesses.

Self Assessment and Covid

HMRC has announced that taxpayers who have to submit a Self Assessment won’t receive a late filing penalty if they didn’t make the end of January deadline so long as they file their late tax return online by 28‌‌ ‌February. 

Is your business Brexit ready?

From 1 January 2021 major changes came into play following Brexit which impacts on how UK businesses do business with Europe. There are new rules on exports, imports, tariffs, data and hiring.

VAT, bread and sugar

A recent and unusual legal precedent has been set which relates to VAT in the food sector, though it may not be something you’ve considered before when tucking into your takeaway sandwich…

Could you be due a refund?

If you used a Disguised Remuneration tax planning scheme between April 6 1999 and April 5 2016 which made loans to you and you’ve settled the tax due with HMRC on or after March 16 2016 but before March 11 2020 you could qualify for a refund of Income Tax and National Insurance contributions paid.

Tax scam danger for new students

As new students start the academic year its not just Coronavirus related issues that may cause them problems, they could also be particularly vulnerable to cybercrime. With universities and colleges taking a blended approach to online and face-to-face tuition this year, and an increase in remote working due to the pandemic, students could be left […]

HMRC investigates furlough fraud

HMRC is starting to investigate businesses that it suspects have been abusing the government’s Coronavirus Job Retention Scheme (CJRS) that provided financial support for employees placed on furlough.

VAT rate reduction

In an urgent response to the coronavirus pandemic and to support businesses severely affected by forced closures and social distancing measures the government has announced a temporary reduction in the VAT rate for certain items.

HMRC enquiries into taxpayers

Recent reports suggest that HMRC conducted 337,000 enquiries into UK taxpayers last year, if you are one of them under the spotlight here are some things to consider.