News
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Carry back scheme brings welcome relief for business
For many businesses, the pandemic has turned the world on its head, with many who might have expected to be profitable experiencing a loss. Sometimes losses happen simply because the business is very new, or because costs have unexpectedly risen. However, COVID-19 has thrown another dimension into the mix, seeing thousands of companies fail to… Read more
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Beware of the HMRC scammers, but ignoring calls can be costly
There are many problems associated with the pandemic, apart from the obvious one of the illness caused by the virus itself. Conmen and scammers have taken advantage of the situation, bombarding people and businesses with bogus claims about tax owed in the hope that just a few respond. For businesses, the accountant is the first… Read more
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Make sure to include SEISS grants on your next tax returns
People who enrolled in the Self-Employment Income Support Scheme (SEISS) have been reminded that they must include income from their grants on tax returns to HM Revenue & Customs (HMRC), as it is subject to Income Tax and National Insurance. They should liaise with their accountants so an accurate return can be sent to HMRC,… Read more
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National Insurance relief launches for employers that hire veterans
Employers that hire veterans in their first employment after leaving the armed forces are now entitled to National Insurance (NI) relief up to the upper secondary threshold for one year. The relief, announced at the 2020 Budget, came into effect in April and applies to all veterans of the regular armed forces who have completed… Read more
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New Debt Respite Scheme launched
A new Debt Respite Scheme, designed to give a debtor with problem debt the right to legal protection from their creditors, is now available. The new scheme consists of two new two types of ‘breathing space’: A standard breathing space – Available to anyone with problem debt, which offers legal protection from creditor action for up… Read more
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HMRC to tackle SEISS abuse with new penalty regime
With the fourth round of the Self-Employment Income Support Scheme (SEISS) now well underway, HM Revenue & Customs has announced tough new fines for those that abuse the financial support on offer. The new penalty regime is aimed at those who have overclaimed the SEISS grant, which includes any amount of grant that a self-employed… Read more