22 Feb 2021

HMRC announced this week (on Friday 19th February 2021) that Self Assessment customers will not be charged the initial 5% late payment penalty if you pay your tax or make a Time to Pay arrangement by 1‌‌ April 2021.   So What Exactly Has Changed? The deadlines to file your tax returns have not changed, but a concession has been introduced to extend by one month the ti...

15 Feb 2021

HMRC have announced the launch date for their new VAT deferral payment scheme. We detail below how to make use of the scheme and the other options that you currently have to settle the liability.   What Are My Options? If you deferred VAT between 20 March and 30 June 2020 and still have payments to make, you can: pay the deferred VAT payment in full on or before 31 Mar...

25 Jan 2021

HMRC has announced today that there will be no penalties for filing the 2019-20 Self Assessment Tax Return late, so long as they are filed online by 28‌‌ ‌February.   You will still need to pay your Self Assessment tax bill by 31‌‌ ‌January 2021; if you fail to do so then Interest will be charged from 1‌‌ ‌February on any outstanding liabilities, and Other late payment...

24 Jan 2021

Claims for the third SEISS grant must be submitted by 29 January 2021.  The timing of the deadline for claims for the third Self Employment Income Support Scheme (SEISS) grant is perhaps unfortunate, clashing as it does with the self assessment filing deadline.  Some additional considerations were introduced for the third grant, please take a moment to consider them:   The ...

24 Jan 2021

As the deadline looms for VAT deferred between 20 March and 30 June 2020 to be paid, we detail below the options that you currently have to settle the liability. Essentially, you can pay now or get ready to opt in to the VAT deferral new payment scheme   What Are My Options? If you deferred VAT between 20 March and 30 June 2020 and still have payments to make, you can: ...

21 Dec 2020

Quite aside from how your Family Christmas plans have been affected by COVID-19 , the Chancellor has been busy trying to put stepping stones in place to support business contend with tough conditions for what seems likely to continue for some months to come   Coronavirus Job Retention Extended Again In a surprise move, the Chancellor has announced that the Coronavirus Job Retention ...

21 Dec 2020

As the year draws to a close, the Government has recently announced that it will extend some temporary provisions in the Corporate Insolvency and Governance Act, as well as reinstate one that had already lapsed. Extension of Temporary Suspension of Statutory Demands and Winding-Up Petitions The Government announced on 9 December that it will extend the temporary suspension of statu...

30 Nov 2020

– Third SEISS Grant introduces “significantly reduced profits” test…. The eligibility criteria for the third SEISS grant have been further tightened, as the guidance for the third Self-employment Income Support Scheme (SEISS) grant has been published, less than one week before the portal opens for claims from 30 November 2020. On the eve of clients preparing to make a claim, we loo...

23 Nov 2020

Now that the Government has provided fuller particulars of the new  Job Retention Scheme Extended there are a few points that we would like to draw to your attention.   Who Is Eligible? The CJRS as re-engineered from 1 November allows businesses to furlough and claim grants for an additional group of employees. Claims for periods starting on/after 1 November 2020 can in...

23 Nov 2020

HMRC have now updated their guidance upon how traders should go about settling VAT that was deferred in the period between 20‌‌‌‌‌‌ March and 30‌‌‌ June 2020. The Government has set out more particulars as to the options and how you can prepare to utilise the new VAT Deferral Payment Scheme.   So What Are My Options? If you deferred the payment of VAT owed to HMRC ...

Barrons has put together a helpful guide to running your business during the coronavirus crisis.