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Comments Off on Directors back mandatory climate credential disclosure plan

Directors back mandatory climate credential disclosure plan

Directors back mandatory climate credential disclosure plan

Most large companies and limited liability partnerships (LLPs) back plans to introduce mandatory climate-related financial disclosures, according to a report.  The Government launched a consultation on 24 March 2021, seeking views on a plan to require mandatory climate-related financial disclosures from publicly-quoted companies, large private companies and LLPs. It aims to allow investors to compare … Continued

Comments Off on Employers told to issue childcare voucher reminder

Employers told to issue childcare voucher reminder

Employers told to issue childcare voucher reminder

Employers should remind working parents that they can reduce contributions into the childcare voucher scheme while they work from home.  Since the start of the COVID-19 pandemic, many employees have been working from home and have used less paid childcare due to lockdown restrictions forcing nurseries and after or before-schools clubs to close. Subsequently, HMRC … Continued

Comments Off on Deadline approaches for SME Brexit support grant

Deadline approaches for SME Brexit support grant

Deadline approaches for SME Brexit support grant

Smaller businesses have until the end of the month to apply for grants to help them adapt to new customs and tax rules when trading with the EU. The £20 million SME Brexit Support Fund offers eligible UK traders grants of up to £2,000 to access practical support, including training for new customs processes, rules … Continued

Comments Off on Workplace pension contributions bounce back after slump

Workplace pension contributions bounce back after slump

Workplace pension contributions bounce back after slump

Payments into defined-contribution workplace pension schemes increased in the third quarter of 2020, according to the Office for National Statistics (ONS). During the first national lockdown last spring, many employees stopped or reduced contributions into their workplace pensions to save money amid fears of being made redundant or losing their jobs. Data from the ONS … Continued

Comments Off on HMRC rolls out new measures to ‘tackle CIS abuse’

HMRC rolls out new measures to ‘tackle CIS abuse’

HMRC rolls out new measures to ‘tackle CIS abuse’

Four new measures affecting the construction industry scheme (CIS) were enacted from 6 April 2021 as HMRC cracks down on tackling abuse of the scheme. First, the tax authority can now amend the CIS deductions suffered and reclaimed on real-time information via the employment payment summary to an amount matching any evidence HMRC holds. If … Continued

Comments Off on VAT-registered firms start using digital links under MTD

VAT-registered firms start using digital links under MTD

VAT-registered firms start using digital links under MTD

A million businesses need to have digital links in place to submit VAT returns and comply with phase two of Making Tax Digital (MTD) for VAT. All VAT-registered firms have until their first VAT return period, starting on or after 1 April 2021, to put digital links in place. A digital link is an electronic … Continued

Comments Off on Super-deduction tempts 51% of manufacturers to invest

Super-deduction tempts 51% of manufacturers to invest

Super-deduction tempts 51% of manufacturers to invest

Investment in the UK’s manufacturing sector is poised to rise as a result of the capital allowances super-deduction.  The super-deduction enables companies that invest in qualifying new plant and machinery to benefit from a 130% first-year capital allowance. The policy kicked in on 1 April 2021 and allows companies to cut their tax bill by … Continued

Comments Off on VAT-registration and deregistration thresholds frozen until 2024/25

VAT-registration and deregistration thresholds frozen until 2024/25

VAT-registration and deregistration thresholds frozen until 2024/25

The Treasury has frozen the UK’s VAT thresholds for a further two years in a bid to start repairing tattered public finances following COVID-19. Businesses with annual taxable turnover of more than £85,000 have to register for UK VAT and file digital VAT returns through compatible software. This VAT-registration threshold for 2021/22 remains at £85,000 … Continued

Comments Off on Treasury issues guidance on the final two self-employed grants

Treasury issues guidance on the final two self-employed grants

Treasury issues guidance on the final two self-employed grants

More help for the self-employed has been announced, with the final two income support grants available until the end of September 2021. The fourth taxable grant available through the self-employed income support scheme (SEISS) covers a three-month period from 1 February to 30 April 2021. As with two of the previous SEISS grants, the fourth … Continued