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...
Businesses are planning to adopt ‘hybrid’ working post COVID
The Institute of Directors (IoD) has carried out a survey and found that, once the coronavirus (COVID-19) lockdown restrictions are fully lifted, businesses are planning to adopt so-called 'hybrid' working . The survey of 600 business leaders revealed that 63% of...
Pandemic caused biggest annual employment fall for older workers
According to research carried out by the Resolution Foundation, the coronavirus (COVID-19) pandemic has caused the biggest annual employment reduction for older workers since the 1980s. In a new report, the Foundation revealed that the pandemic has created 'a U-shaped...
Fourth self-employed grant available
HMRC has confirmed that the online service for applications for the fourth Self-employment Income Support Scheme (SEISS) grant is now open for claims. Applications cannot be handled by accountants or tax advisers and therefore must be submitted by the individual...
95% mortgage scheme launched
Available to lenders from 19 April 2021, a new government-backed mortgage scheme will help people with 5% deposits get on to the housing ladder. As announced at the 2021 Budget, the scheme will help first-time buyers or current homeowners secure a mortgage with just a...
New claims required for people working from home
HMRC has stated that, employees who are working from home will need to make new claims for tax relief for the 2021/22 tax year. Employers have been able to pay employees up to £6 a week tax-free from 6 April 2020, to cover additional costs if they have had to work...
Bounce Back loans sum to over £46 billion
Since the coronavirus (COVID-19) support scheme was launched last May, more than 1.5 million Bounce Back loans have been taken out. According to the Treasury, borrowing by businesses is now over £46 billion. The Coronavirus Recovery Loan Scheme is set to replace the...
