News

Chancellor delivers Budget to lay foundation for a strong economy Business groups give mixed response to Budget IFS predicts millions to be worse off next year due to tax rises Payment period on residential CGT is doubled FSB warns tax rises ‘threaten recovery from pandemic’ Applications now open for freeports Pensions experts say a minimum of £10,900…

This is a basic guide, prepared by ACCA’s Technical Advisory team, for members and their colleagues or clients. It’s an introduction only and should not be used as a definitive guide since individual circumstances may vary. Specific advice should be obtained, where necessary. The message from the Chancellor was we are entering a ‘post covid…

Deferring VAT or Time to pay Making Tax Digital for Income Tax Self Assessment delayed for a year National Insurance and dividend tax rises announced for social care reform Chancellor to deliver Autumn 2021 Budget on 27 October Chancellor warned of redundancies as furlough scheme ends COVID-19 sick pay rebate scheme closed in September £800…

A warning about COVID related grants HMRC outlines changes to late payment penalty regime Digital marketplaces to report sellers’ incomes from 2023 CIOT warns over stamp duty refund claims Contactless limit to increase to £100 from 15 October HMRC urges taxpayers to stay alert to digital scams BCC calls for government to extend skills training…

Welcome to our latest edition of E-News We have recently witnessed the Government easing out of Covid and a return to workplace working for many people. This is evidenced by a large increase in commuter traffic on our roads exacerbated by the increased number of staycation holidaymakers using the motorway network. Nevertheless, the economy is…

Furlough scheme starts to wind down Apprenticeship cash boost Property tax changes HMRC launches 13,000 investigations into COVID-19 support schemes Schemes create one stop shop for VAT on EU trade Over 280,000 families now using Tax-Free Childcare 440,000 tax credit claimants still to renew their claims 800,000 claim tax relief for working from home Furlough…

Fifth SEISS grant will be open to claims from late July HMRC’s VAT Deferral New Payment Scheme to close this month NIC reliefs set for Freeports Government confirms start date for Plastic Packaging Tax Effectiveness of OTS set to be reviewed by Treasury Trade credit insurance scheme to close Advisory fuel rates for company cars Forms P11D…

Fourth self-employed grant now open for online applications Recovery Loan Scheme opens to businesses Recent changes to IR35 ‘undermine the self-employed’, says IPSE CBI calls for extension of Kickstart Scheme as jobs market remains subdued New 95% mortgage scheme launched New claims required for home working tax relief HMRC sets out penalty regime for SEISS abuse Pension…

Business rates relief extended with £1.5 billion fund Consultations launched on UK’s first Tax Day Government publishes details of Finance Bill 2021 £20 million SME Brexit Support Fund opens for applications HMRC publishes details of final grants for self-employed National Minimum and Living wages increases UK cuts electric vehicle grants by £500 ICAEW urges HMRC to rethink…

Sunak set out Budget to protect businesses Business groups welcome Budget Late payment penalties for Self Assessment waived until 1 April Online service opens for VAT deferral scheme HMRC clarifies off-payroll rules Domestic VAT reverse charge comes into effect on 1 March Borrowers of Bounce Back loans given six more months for repayments Advisory fuel rates for company…