News
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£20 million SME Brexit Support Fund opens for applications
Published by Michael Graves on Tue, 13/04/2021 - 10:52amThe UK government has unveiled a £20 million Brexit support package to help small and medium-sized enterprises (SMEs) with changes to customs and tax rules when trading with the EU.
The SME Brexit Support Fund aims to help businesses prepare for the implementation of further import controls which come into force later this year.
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National Minimum and Living wages increases
Published by Michael Graves on Mon, 12/04/2021 - 2:49pmUK workers are set to benefit from rises in the National Minimum Wage (NMW) and the National Living Wage (NLW) rates that took effect from 1 April 2021.
The NMW which applies to 21 and 22 year-olds has risen from £8.20 to £8.36 and the NLW has risen from £8.72 to £8.91. 23 and 24-year-olds are now eligible for the NLW, prior to 1 April 2021, only workers aged 25 and over were eligible.
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HMRC publishes details of final grants for self-employed
Published by Michael Graves on Thu, 08/04/2021 - 2:51pmHMRC has published details of the eligibility criteria of the final two grants available under the coronavirus (COVID-19) Self-employment Income Support Scheme (SEISS).
At the 2021 Budget it was confirmed that the fourth SEISS grant will be set at 80% of three months' average trading profits, paid out in a single instalment, capped at £7,500. It will cover the period from February 2021 to April 2021.
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UK cuts electric vehicle grants by £500
Published by Michael Graves on Thu, 08/04/2021 - 2:46pmThe government has cut the Plug-in Car Grant and Van & Truck Grant by £500 and lowered the pricing cap on qualifying electric vehicles.
The Department for Transport will now provide grants of up to £2,500 for electric vehicles on cars priced under £35,000. This is a reduction from the current £3,000 available for vehicles costing up to £50,000.
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ICAEW urges HMRC to rethink quarterly reports under MTD for corporation tax
Published by Michael Graves on Thu, 08/04/2021 - 2:45pm -
Borrowers of Bounce Back loans given six more months for repayments
Published by Michael Graves on Mon, 15/03/2021 - 1:24pmBusinesses that took out government-backed Bounce Back loans to get through the coronavirus (COVID-19) pandemic will now have greater flexibility to repay their loans, the government has announced.
The Pay as You Grow repayment flexibilities now include the option to delay all repayments for a further six months. This means businesses can choose to make no payments on their loans until 18 months after they originally took them out.
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Advisory fuel rates for company cars
Published by Michael Graves on Sun, 14/03/2021 - 1:36pmNew company car advisory fuel rates have been published and took effect from 1 March 2021.
The guidance states: 'You can use the previous rates for up to one month from the date the new rates apply'. The rates only apply to employees using a company car.
The advisory fuel rates for journeys undertaken on or after 1 March 2021 are:
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HMRC clarifies off-payroll rules
Published by Michael Graves on Fri, 12/03/2021 - 1:22pmHMRC has published a briefing on its approach to the changes to off-payroll working rules, commonly known as IR35, which will be introduced on 6 April 2021.
Reiterating its advice from last year, HMRC has confirmed that it will not issue penalties for inaccuracies in the first 12 months of the regime, unless there is evidence of deliberate non-compliance.
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Online service opens for VAT deferral scheme
Published by Michael Graves on Thu, 11/03/2021 - 1:21pmHMRC has announced that businesses that deferred VAT payments last year can now join the new online VAT Deferral New Payment Scheme to pay it in smaller monthly instalments.
To take advantage of the new payment scheme businesses will need to have deferred VAT payments between March and June 2020, under the VAT Payment Deferral Scheme. They will now be given the option to pay their deferred VAT in equal consecutive monthly instalments from March 2021.