1.6 million still on furlough in July

At the end of July, 1.6 million people were still on furlough. This is the lowest level since the start of the pandemic and down by 340,000 compared to the month prior. But older people and the travel sector did less well, with 50% of eligible travel workers still on...

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Chancellor to deliver Autumn 2021 Budget on 27 October

HM Treasury has confirmed that Chancellor Rishi Sunak will deliver the Autumn 2021 Budget on Wednesday 27 October. The Chancellor launched Spending Review 2021 on 7 September, which will conclude on 27 October and will be presented alongside the Autumn Budget....

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UK business confidence at four-year high

According to the latest Lloyds Bank Business Barometer, British business confidence is at its highest level since April 2017. Confidence is being fuelled by hope that the economy will recover strongly to pre-pandemic levels. Firms in the manufacturing, services and...

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Upcoming changes to late payment penalty regime

HMRC has published a paper outlining the changes to the late payment penalty regime for taxpayers. Initially the changes will apply to VAT and income tax self assessment (ITSA). The government intends to reform sanctions for late submission and late payments to make...

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83% of businesses unaware of Plastic Packaging Tax

Resource management firm Veolia has revealed that 83% of businesses are not aware of the Plastic Packaging Tax, which is due to take effect from April 2022. The Plastic Packaging Tax is a new tax that will apply to plastic packaging manufactured in or imported into...

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2022 to bring bigger tax bills for partners and sole traders

The Institute of Chartered Accountants in England and Wales (ICAEW) has predicted that following a government proposal to change the date certain businesses report their profits, sole traders and partners are likely to face bigger tax bills next year. The move would...

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2 million workers remain on furlough scheme

With the Coronavirus Job Retention Scheme (CJRS) set to end 30 September 2021, HMRC has published data showing that two million workers remain on furlough. The data showed that the number of employees on the CJRS fell by 590,000 during June. The total number of...

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HMRC guidance on fifth SEISS grant

HMRC have now published full details of the fifth Self-employment Income Support Scheme (SEISS) grant, including a new turnover test which determines the level of the grant. The key change from the previous SEISS grant is that the level of the grant depends on whether...

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Letter from HMRC: Income from letting property

Tax grab by HMRC on landlords!!! Billions of £'s spent by Government during Covid to be recovered!!! Penalties to rocket!!! Even genuine tax payers may be hit!!! Investigations may go back to year dot!!! IF YOU RECEIVE ONE OF THESE ENQUIRY LETTERS OR IF YOU ARE...

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