14 Jun 2021

Business owners can now apply for ongoing access to financial support as they recover and grow following the coronavirus pandemic. The scheme can be used for any legitimate business purpose, including managing cashflow, investment and growth. It is designed to appeal to businesses that can afford to take out additional debt finance for these purposes. The Scheme is scheduled to run...

23 Apr 2021

We are aware that a number of people have recently received either a telephone call or e-mail purporting to originate from HMRC advising that their National Insurance Account has been compromised. HMRC have issued assurances that these are scams and you should not reply to any e-mails or give out any information over the telephone. HMRC have confirmed that all correspondence from H...

22 Mar 2021

In the latest Budget, the Government announced details of who can claim the fourth SEISS grant and the level that claims can will be paid out at.  Some significant changes have been introduced for the fourth grant, please take a moment to consider them:   If You Already Qualified For The Third Grant The fourth SEISS grant will be set at 80% of 3 months’ average tra...

22 Mar 2021

The Coronavirus Business Interruption Loan Scheme (CBILS) set to close for applications at the end of March 2021. If you intend to make an application for a CBILS loan you must ensure that your Bank / chosen financier has lodged your application by 31st March 2021. If your claim is not acknowledged by the Bank by that date, you will no longer be eligible for the scheme – so there ...

09 Mar 2021

After several delays, the Government has now formally announced that the domestic reverse charge rules for the building and construction industry will be introduced effective from the 1st March 2021. You are recommended to read this synopsis and to use the following link as a reference guide, particularly for the helpful Flow Charts that appear in Section 25. www.gov.uk/guidance/va...

08 Mar 2021

This week, the Chancellor announced extensions to a number of current COVID-19 schemes, alongside additional support for individuals and businesses, as the UK continues to navigate the impact of the pandemic. We have sought to summarise some of the immediate key measures for employers below, and we have also included a very brief synopsis of 2021/22 tax changes..   If you want to k...

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 ...

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