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Comments Off on Record number miss self-assessment filing deadline due to COVID-19

Record number miss self-assessment filing deadline due to COVID-19

Record number miss self-assessment filing deadline due to COVID-19

Around 1.8 million taxpayers missed the 2019/20 deadline for self-assessment on 31 January 2021, according to figures published by HMRC. The tax authority revealed 1,790,368 people failed to beat the midnight deadline, almost double last year’s total of 958,296. HMRC attributed the spike in the number of personal taxpayers missing this year’s midnight deadline – … Continued

Comments Off on Changes to prompt-payment code aim to end late payments

Changes to prompt-payment code aim to end late payments

Changes to prompt-payment code aim to end late payments

Thousands of small businesses that face severe cashflow problems due to late payments stand to benefit from changes to the prompt-payment code. The Government has strengthened the prompt-payment code so that 95% of invoices from smaller suppliers must be paid within 30 days from 1 July 2021. This has been halved from the current 60 … Continued

Comments Off on Personal allowance and higher-rate threshold to increase 0.5%

Personal allowance and higher-rate threshold to increase 0.5%

Personal allowance and higher-rate threshold to increase 0.5%

A 0.5% increase to the personal allowance and higher-rate of income tax will be in place from 6 April 2021, according to the Treasury. Both thresholds will increase in line with the Consumer Prices Index (CPI) rate of inflation figure for September 2020, which was 0.5%. This means the personal allowance will increase from £12,500 … Continued

Comments Off on Opt-in to VAT deferral new payment scheme by 31 March 2021

Opt-in to VAT deferral new payment scheme by 31 March 2021

Opt-in to VAT deferral new payment scheme by 31 March 2021

Businesses that deferred paying VAT between 20 March 2020 and 30 June 2020 do not need to pay the full amounts by the end of this month. VAT-registered firms were not required to make VAT payments during this deferral period, and initially had until 31 March 2021 to pay any liabilities. However, the Government’s winter … Continued

Comments Off on Advisory Fuel Rate for Company Cars from 1 March 2021

Advisory Fuel Rate for Company Cars from 1 March 2021

Advisory Fuel Rate for Company Cars from 1 March 2021

These are the suggested reimbursement rates for employees’ private mileage using their company car from 1 March 2021. Where there has been a change the previous rate is shown in brackets. Engine Size Petrol Diesel LPG 1400cc or less 10p     7p 1600cc or less   9p (8p)   1401cc to 2000cc 12p (11p) … Continued

Comments Off on Retail sales slumped to a 25-year low in 2020

Retail sales slumped to a 25-year low in 2020

Retail sales slumped to a 25-year low in 2020

Retailers experienced their worst annual sales performance since records began, figures from the British Retail Consortium (BRC) show. While food sales grew by 5.4%, non-food sales declined by 5% over the same period resulting in an overall fall of 0.3% in 2020. In a year dominated by the effects of COVID-19, the figures marked the … Continued

Comments Off on Record number of small businesses ‘set to close for good in 2021’

Record number of small businesses ‘set to close for good in 2021’

Record number of small businesses ‘set to close for good in 2021’

At least 250,000 small businesses could permanently close this year, the Federation of Small Businesses (FSB) has warned. The FSB based its forecast on a survey of 1,401 small firms, 5% of which said they expect to go out of business this year. If that percentage was to be applied to the UK’s six million … Continued

Comments Off on Pre-Christmas furlough extension stems the tide of redundancies

Pre-Christmas furlough extension stems the tide of redundancies

Pre-Christmas furlough extension stems the tide of redundancies

Extending the furlough scheme until the end of April 2021 is showing evidence of minimising job losses, a report claims. The scheme offers employers 80% towards furloughed workers’ wages, up to a maximum of £2,500 a month, currently until 30 April 2021. Employers are still required to pay National Insurance contributions and workplace pension contributions … Continued

Comments Off on Hardest-hit businesses offered new government grants of up to £9,000

Hardest-hit businesses offered new government grants of up to £9,000

Hardest-hit businesses offered new government grants of up to £9,000

Businesses in the sectors hardest hit by COVID-19 can access new one-off grants to help them get through lockdown. The Treasury announced £4.6 million in additional support to help around 600,000 firms in England stay afloat until the spring. Firstly, businesses in retail, hospitality and leisure sectors need to be closed due to the third … Continued