Simplified tax reporting for self-employed and small firms announced
The government has announced changes to the tax system that will make it easier for small businesses to fill out their returns. The changes, which will come into force by 2023, will mean businesses will be taxed on profits arising in a tax year, rather than profits of...
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...
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...
Be aware of pension scams
According to the latest figures from Action Fraud, the average loss from pension scams has reached £50,949 this year. This figure is more than double the typical figure of £23,689 reported last year. Action Fraud claimed that losses in each case ranged from less than...
New schemes for VAT on EU trade
Three schemes launched on 1 July will deal with VAT on business-to-consumer supplies of goods and services to EU customers. They are known as the 'Union', 'non-Union' and 'import' schemes. The schemes are designed to facilitate the collection of VAT by one EU member...
HMRC intend to recover £1 billion in fraudulent furlough claims
HMRC has announced that it will recover over £1 billion in fraudulently claimed furlough cash over the next two years. More than £60 billion has been claimed in furlough funds by UK employers since the introduction of the Coronavirus Job Retention Scheme (CJRS) in...
G7 announces global tax agreement
The G7's finance ministers have announced a historic international agreement on global tax reform. Finance ministers have held years of discussions and have now agreed to reforms, which they say will see multinationals pay their fair share of tax in the countries in...
Fifth SEISS grant to be made available from late July
The fifth Self-employment Income Support Scheme (SEISS) grant covering May 2021 to September 2021 will open to claims from late July, HMRC has confirmed. To be eligible for the grant, an individual must be self-employed or a member of a partnership. They must have...
Trade credit insurance scheme to close in June
It has been confirmed that the temporary Trade Credit Reinsurance (TCR) Scheme will close at the end of June. The scheme has helped struggling supply chain firms secure insurance protection during the pandemic. In a statement, the government and the Association of...
Unemployment rate down in March
Despite the country still being in lockdown, the UK's unemployment rate fell slightly to 4.8% in the three months to March. According to the Office of National Statistics (ONS) unemployment fell by 0.1% from 4.9% in February. The number of payroll employees continued...