Changes to VAT penalties and interest from 01 January 2023 March 16, 2023 by Banner & Associates Latest News for Business (Archive) March 2023 HMRC sounds warning on new VAT penalties Spring Budget must ease cost pressures on businesses, says BCC Inflation remains close to 40-year high UK economy narrowly avoided recession last year Record 11.7 million tax returns received on time 'Digital pound' likely to launch this decade, says Treasury HMRC urges eligible couples to claim Marriage Allowance Advisory fuel rates for company cars February 2023 Energy bill support for firms to be reduced from April Bank of England raises interest rates to highest level in 14 years Government launches consultation on R&D relief Fewer firms investing in training despite skills shortage UK business confidence plummets to 13 year low Small firms 'facing challenges when applying for financing' BCC warns SME exporters 'under tightening pressure' Pensioners outnumber young people for filing self assessment tax returns January 2023 MTD for ITSA delayed for two more years Tax non-compliance during pandemic Government extends mortgage guarantee scheme Chancellor announces Spring Budget date Bank of England raises base rate Brexit deal not delivering for businesses Plymouth and South Devon freeport gets go ahead Chancellor launches financial sector reforms December 2022 Tax burden rises following Autumn Statement CBI praises Chancellor for 'delivering stability' in Autumn Statement IFS warns of fall in household incomes OECD warns UK on course for biggest economic downturn Auto-enrolment has helped workers save £114 billion into pensions UK businesses anticipate growth in exports Digital Services Tax has raised £358 million Advisory fuel rates for company cars November 2022 Government pushes back economic statement New PM must restore confidence, say business groups Inflation returns to 40-year high FCA warns that eight million are struggling to keep up with bills IoD survey finds UK businesses anticipate growth in exports Self assessment clock ticks down to under 100 days Latest guidance for employers British Business Bank lending now exceeds £12 billion October 2022 Government abandons plan to scrap 45p top rate of income tax Chancellor outlines growth measures at Mini Budget IMF criticises government over tax plans Government caps business energy bills VAT businesses must be ready for Making Tax Digital filing by November SMEs facing recruitment struggles HMRC raises late payment interest from 11 October Action Fraud warns scammers are exploiting cost-of-living crisis September 2022 HMRC releases more details MTD for Income Tax Ofgem raises energy price cap Treasury Committee warns government against 'flying blind' with Emergency Budget Experts warn inflation could keep rising in 2023 Energy firms call for windfall tax to be scrapped by 2025 TUC urges government to raise NMW Report finds decline in the use of cash is easing Advisory fuel rates for company cars August 2022 Recovery Loan Scheme to be relaunched National insurance threshold rises IMF warns UK is set for slowest rate of growth of G7 countries Reform required to combat staff shortages, says BCC IoD calls for extension of capital allowances super-deduction Insurer warns of rise in fraudulent claims amid cost-of-living crisis New finance legislation aims to unlock investments Pandemic-born businesses could add £20.4 billion to UK economy July 2022 MTD for income tax pilot extended HMRC criticised over IR35 implementation Inflation hits 40-year high Bank of England raises UK interest rates to 13-year high NICs increase has immediate impact on businesses Manufacturers call for support package Latest guidance for employers New homeowners warned over tax refund claims June 2022 Chancellor announces windfall tax on energy firms Energy price cap set to rise to £2,800 in October Inflation hits 40-year high Almost 66,500 filed self assessment returns on 6 April New law to protect access to cash announced in Queen's Speech HMRC issues £14 million in penalties for minimum wage offences Advisory fuel rates for company cars Number of firms in critical financial distress rises sharply May 2022 HMRC starts chasing up SEISS overpayments UK government unveils energy strategy Treasury announces it will regulate some forms of cryptocurrency HMRC names avoidance scheme promoters for first time New HMRC one-stop online shop provides taxpayers with tax relief information Export growth is 'stagnant', BCC finds Latest guidance for employers Government inaction on long COVID could cost billions April 2022 Chancellor cuts fuel duty in Spring Statement Business groups give mixed response to Spring Statement OBR updates economic picture MTD for VAT brings in up to an extra £195 million in tax Bank of England raises interest rates for third time in a row UK economic growth to halve this year, warns BCC Student loan repayments for new borrowers to start at £25,000 CMA frees leaseholders from rising ground rents March 2022 Spring Statement 2022 Spring Statement is the time to act, says CBI Coronavirus SSP Rebate Scheme set to close on 17 March Businesses urged to apply for remaining COVID-19 support grants Two freeports planned for Scotland HMRC raises late payment interest rate MPs call for road pricing to replace motoring taxes Over a million take advantage of extra time to file self assessment returns Advisory fuel rates for company cars February 2022 COVID-19 support grants paid to companies must be included on company tax returns Government scheme gives discounts of up to £5,000 on accounting software Claims portal reopens for Statutory Sick Pay Rebate Scheme Consumer group urges taxpayers to avoid using refund firms to claim tax rebates National insurance rise 'set to squeeze budgets', warns CBI No 'convincing case' for digital UK currency, says House of Lords committee Scam HMRC call reports drop by 97% BCC calls for 'urgent action' to improve UK-EU trade January 2022 Chancellor announces £1 billion fund for businesses Self assessment taxpayers must declare COVID grants on tax returns HMRC waives self assessment penalties for one month to ease COVID-19 pressures Scottish Budget 2022 Welsh government delivers Budget FCA to introduce new consumer duty HMRC latest guidance for employers Over 440,000 small firms at risk due to late payment crisis December 2021 HMRC's tax take falls by billions due to pandemic Government sets out tax details on TAM Day Three-day wait for Statutory Sick Pay to return next year HMRC issues warning on self assessment scams New law introduced to help protect pension savers from scammers Services sector continues to recover despite rising costs Advisory fuel rates for company cars Costs 'weighing on businesses' sustainability intentions', FSB finds November 2021 Chancellor delivers Budget to lay foundation for a strong economy Business groups give mixed response to Budget IFS predicts millions to be worse off next year due to tax rises Payment period on residential CGT is doubled FSB warns tax rises threaten recovery from pandemic Applications now open for freeports Pensions experts say a minimum of £10,900 a year needed to retire Heat pump grants worth £5,000 will help replace gas boilers October 2021 Making Tax Digital for Income Tax Self Assessment delayed for a year National Insurance and dividend tax rises announced for social care reform Chancellor to deliver Autumn 2021 Budget on 27 October Chancellor warned of redundancies as furlough scheme ends COVID-19 sick pay rebate scheme closed in September £800 million Reinsurance Scheme opens for live events Government announces plans to make requesting flexible working a day one right British Business Bank provided £80.5 billion of COVID-19 support September 2021 HMRC outlines changes to late payment penalty regime Digital marketplaces to report sellers' incomes from 2023 CIOT warns over stamp duty refund claims Contactless limit to increase to £100 HMRC urges taxpayers to stay alert to digital scams BCC calls for government to extend skills training Advisory fuel rates for company cars Employers 'named and shamed' for paying less than minimum wage August 2021 Consultation launched on self-employed basis period reform The government has published draft Finance Bill clauses Claiming the fifth self-employed Income Support Scheme (SEISS) grant ICAEW urges HMRC to scrap exemptions to simplify VAT rules HMRC updates Salary Sacrifice guidance Data reveals 1.9 million workers remain on furlough Pension scams average losses now over £50,000 Increase in public trust in charities July 2021 Furlough scheme starts to wind down Apprenticeship cash boost Property tax changes HMRC launches 13,000 investigations into COVID-19 support schemes Schemes create one stop shop for VAT on EU trade Over 280,000 families now using Tax-Free Childcare 440,000 tax credit claimants still to renew their claims 800,000 claim tax relief for working from home June 2021 Fifth SEISS grant will be open to claims from late July HMRC's VAT Deferral New Payment Scheme to close this month NIC reliefs set for Freeports Government confirms start date for Plastic Packaging Tax Effectiveness of OTS set to be reviewed by Treasury Trade credit insurance scheme to close Advisory fuel rates for company cars Forms P11D - reporting employee benefits May 2021 Fourth self-employed grant now open for online applications Recovery Loan Scheme opens to businesses Recent changes to IR35 'undermine the self-employed' says IPSE CBI calls for extension of Kickstart Scheme as jobs market remains subdued New 95% mortgage scheme launched New claims required for home working tax relief HMRC sets out penalty regime for SEISS abuse Pension fraud increased to £1.8 million in first quarter of 2021 April 2021 Business rates relief extended with £1.5 billion fund Consultations launched on UK's first Tax Day Government publishes details of Finance Bill 2021 £20 million SME Brexit Support Fund opens for applications HMRC publishes details of final grants for self-employed National Minimum and Living wages increases UK cuts electric vehicle grants by £500 ICAEW urges HMRC to rethink quarterly reports under MTD for corporation tax March 2021 Sunak set out Budget to protect businesses Business groups welcome Budget Late payment penalties for Self Assessment waived until 1 April Online service opens for VAT deferral scheme HMRC clarifies off-payroll rules Domestic VAT reverse charge comes into effect on 1 March Borrowers of Bounce Back loans given six more months for repayments Advisory fuel rates for company cars Spring Budget 2021 February 2021 10.7 million taxpayers submitted their 2019/20 Self Assessment tax returns Rogue employers named and shamed for failing to pay employees the minimum wage Scottish Budget Income Tax Scottish Land and Buildings Transaction Tax Bonus of £1,000 to help businesses take on trainees LITRG calls for a rise in the High Income Child Benefit Charge threshold Government urged by CBI to act on COVID business support ahead of Budget Supreme Court backs small firms on business interruption claims January 2021 Finance Secretary for Scotland outlines spending plans in 2021/22 Scottish Budget Chancellor announces £4.6 billion lockdown grant package Extension of the Job Retention Scheme VAT deferral New action to disrupt promoters of tax avoidance schemes Self assessment deadline approaching Institute of Directors warns Capital Gains Tax rise would adversely affect entrepreneurs Individuals urged to remain vigilant when making festive charitable donations Self-Employment Income Support Scheme December 2020 Get prepared for the end of the Brexit transitional period Virtual Christmas parties will qualify for tax exemption Gifts to employees can be tax-free Minimum Wage Increases from April 2021 Advisory fuel rates for company cars Self assessment taxpayers warned to watch out for scammers posing as HMRC HMRC confirms MTD for corporation tax to be mandated from 2026 £1 million Annual Investment Allowance cap extended November 2020 Furlough scheme extended Increased support made available for the self employed Chancellor approves grants for businesses closed by lockdown Self assessment customers to benefit from enhanced payment plans Taxpayers claim tax relief for working from home Brexit imports and exports ATT issues last call for firms seeking to use increased Annual Investment Allowance Latest guidance for employers October 2020 Job Support Scheme Winter Economy Plan support for the self-employed VAT deferral and enhanced Time to Pay for self assessment Changes to the Bounce Back Loan and Coronavirus Business Interruption Loan Schemes The VAT reverse charge Ministers announce new grants for businesses affected by local lockdowns New trade arrangements with the EU from 1 January 2021 House sales rise following the introduction of stamp duty holiday September 2020 Kickstart Scheme opens for applications Self Employment Income Support Scheme Grants Plastic bag tax charge to be doubled and extended to all retailers More than £30 million lost to pension scams Advisory fuel rates for company cars Eat Out to Help Out - over 64 million meals Self assessment deadlines HMRC latest guidance for employers August 2020 HMRC outlines Job Retention Bonus criteria Treasury sets out next steps for Making Tax Digital Government announces review of business rates scheme Eat Out to Help Out now up and running Scottish government cuts LBTT to help home buyers Wales reduces LTT rate Chancellor asks OTS to review capital gains tax Overclaimed COVID grants July 2020 Chancellor unveils three-point plan for jobs Stamp duty temporarily reduced Flexible furloughing starts on job retention scheme Government expands aid for start-ups and innovators Bank of England increases stimulus package for UK economy FCA confirms further support for consumer credit customers Private sector off-payroll reforms given go ahead for April 2021 Late payment crisis has worsened during coronavirus lockdown June 2020 Chancellor announces changes to Job Retention Scheme COVID-19: delay to VAT reverse charge on construction services Loan size increased to £200 million under large business interruption scheme Future Fund launches to give start-ups coronavirus support Coronavirus Statutory Sick Pay Rebate Scheme goes live Changes to insolvency and company law going through Parliament UK sets out post-Brexit tariff regime MPs open inquiry into £155 billion of tax reliefs May 2020 Government launches small business micro loan scheme Lenders relax evidence requirements for business interruption loan scheme applications Job Retention Scheme goes live HMRC releases guidance for self-employed scheme Government launches support finding tool for business OBR predicts UK economy will shrink by over a third Government borrowing could rise to £300 billion HMRC extends late reporting deadline for CGT April 2020 Chancellor's business support packages for coronavirus pandemic Chancellor unveils help for self-employed workers Regulators request delay in corporate reporting HMRC urges businesses using VAT deferral to cancel direct debits Get ready for 30-day returns and payments for residential property gains New tests and new car benefit percentages HMRC delays introduction of off-payroll rules to private sector Rise in contactless card payment limit March 2020 COVID-19: measures for UK businesses Spring Budget 2020 Coronavirus measure: Statutory Sick Pay from day one Review confirms off-payroll working rules to go ahead from April 2020 IFS calls for Chancellor to raise taxes in upcoming Budget Minimum Wage increases Advisory fuel rates for company cars Don't forget to make tax efficient investments ahead of the tax year end Freeports Additional financial support for flooding victims February 2020 Brexit - transition period Scottish Budget Budget Day 11 March A decade of bizarre excuses and expense claims Off-payroll working Tax relief on professional fees and subscriptions Changes to overdraft fees New right to paid parental bereavement leave January 2020 Chancellor announces Budget date Minimum wage rates announced Review of the Disguised Remuneration Loan Charge Chancellor commits to review of IR35 Retiring clinicians payments Guidance on Structures and Buildings Allowance Call for review of High Income Child Benefit Charge Self assessment deadline approaching Current list of deliberate tax defaulters Welsh government publishes Draft Budget Working off-payroll December 2019 Making sure gifts to employees are tax-free Advisory fuel rates for company cars HMRC offers tips on avoiding Self Assessment tax scams Check employment status for tax tool update Temporary pensions tax arrangement for NHS staff HMRC issues guidance on cryptoassets Latest guidance for employers Research and Development spend November 2019 Budget will not now take place on 6 November Christa Ackroyd loses IR35 appeal Clamp down on enablers of tax avoidance schemes Increase in probate fees abandoned Charities fraud protection failures Guidance for employers HMRC countdown: file your tax return Genuine HMRC contact and recognising phishing emails and texts October 2019 VAT domestic reverse charge for building and construction services delayed Independent review of the Loan Charge Senior clinicians' pensions consultation HMRC collects record amounts of IHT 'Major gaps' in no-deal Brexit guidance Brexit-readiness events for business Experts warning over insolvency debts Money Laundering non-compliance September 2019 Simplify apprenticeship funding HMRC issues Customs EORI numbers Trusts with small amounts of savings income Advisory fuel rates for company cars PAYE late filing and late payment penalties Self assessment deadlines HMRC latest guidance for employers Strong Customer Authentication August 2019 Off-payroll rules for the private sector Digital Services Tax Insolvency hierarchy changes Private Residence Relief changes Working parents may be eligible for tax-free childcare this summer VAT changes may cause construction chaos Wage growth at a high Updated guidance on spotting HMRC scammers July 2019 Tax gap remains low Preparing the workforce for EU Exit MTD for VAT latest Employer Bulletin - latest guidance New measures to ensure small businesses get paid on time Payment on account confusion UK Investment Support Directory Consultation on the operation of Insurance Premium Tax June 2019 MTD for VAT is now live OTS calls for simplifying everyday tax for smaller businesses HMRC taskforce tackles dishonest dog breeders Forms P11D - reporting employee benefits Welsh taxpayers income tax code mix-up Consultation on Companies House reforms Consultation on ancillary capital gains reliefs Advisory fuel rates for company cars Non-compliance with minimum wage regulations May 2019 Consultation on extension of IR35 rules Government confirms implementation of pensions dashboards 'Springtime' tax scams target young people Latest guidance for employers VAT fuel scale charges Money Laundering 'Flexible extension' to Article 50 Scottish Air Departure Tax plans further delayed April 2019 MTD for VAT Reporting Benefits in Kind - Forms P11D Additional Brexit advisory documents for small businesses Delay to rise in probate fees Update on Structures and Buildings Allowance Call for tax on social media businesses Changes to income tax for 2019/20 HMRC wins disguised remuneration avoidance case
New VAT penalty regime and other VAT news February 9, 2022 by Banner & Associates Latest News for Business (Archive) March 2023 HMRC sounds warning on new VAT penalties Spring Budget must ease cost pressures on businesses, says BCC Inflation remains close to 40-year high UK economy narrowly avoided recession last year Record 11.7 million tax returns received on time 'Digital pound' likely to launch this decade, says Treasury HMRC urges eligible couples to claim Marriage Allowance Advisory fuel rates for company cars February 2023 Energy bill support for firms to be reduced from April Bank of England raises interest rates to highest level in 14 years Government launches consultation on R&D relief Fewer firms investing in training despite skills shortage UK business confidence plummets to 13 year low Small firms 'facing challenges when applying for financing' BCC warns SME exporters 'under tightening pressure' Pensioners outnumber young people for filing self assessment tax returns January 2023 MTD for ITSA delayed for two more years Tax non-compliance during pandemic Government extends mortgage guarantee scheme Chancellor announces Spring Budget date Bank of England raises base rate Brexit deal not delivering for businesses Plymouth and South Devon freeport gets go ahead Chancellor launches financial sector reforms December 2022 Tax burden rises following Autumn Statement CBI praises Chancellor for 'delivering stability' in Autumn Statement IFS warns of fall in household incomes OECD warns UK on course for biggest economic downturn Auto-enrolment has helped workers save £114 billion into pensions UK businesses anticipate growth in exports Digital Services Tax has raised £358 million Advisory fuel rates for company cars November 2022 Government pushes back economic statement New PM must restore confidence, say business groups Inflation returns to 40-year high FCA warns that eight million are struggling to keep up with bills IoD survey finds UK businesses anticipate growth in exports Self assessment clock ticks down to under 100 days Latest guidance for employers British Business Bank lending now exceeds £12 billion October 2022 Government abandons plan to scrap 45p top rate of income tax Chancellor outlines growth measures at Mini Budget IMF criticises government over tax plans Government caps business energy bills VAT businesses must be ready for Making Tax Digital filing by November SMEs facing recruitment struggles HMRC raises late payment interest from 11 October Action Fraud warns scammers are exploiting cost-of-living crisis September 2022 HMRC releases more details MTD for Income Tax Ofgem raises energy price cap Treasury Committee warns government against 'flying blind' with Emergency Budget Experts warn inflation could keep rising in 2023 Energy firms call for windfall tax to be scrapped by 2025 TUC urges government to raise NMW Report finds decline in the use of cash is easing Advisory fuel rates for company cars August 2022 Recovery Loan Scheme to be relaunched National insurance threshold rises IMF warns UK is set for slowest rate of growth of G7 countries Reform required to combat staff shortages, says BCC IoD calls for extension of capital allowances super-deduction Insurer warns of rise in fraudulent claims amid cost-of-living crisis New finance legislation aims to unlock investments Pandemic-born businesses could add £20.4 billion to UK economy July 2022 MTD for income tax pilot extended HMRC criticised over IR35 implementation Inflation hits 40-year high Bank of England raises UK interest rates to 13-year high NICs increase has immediate impact on businesses Manufacturers call for support package Latest guidance for employers New homeowners warned over tax refund claims June 2022 Chancellor announces windfall tax on energy firms Energy price cap set to rise to £2,800 in October Inflation hits 40-year high Almost 66,500 filed self assessment returns on 6 April New law to protect access to cash announced in Queen's Speech HMRC issues £14 million in penalties for minimum wage offences Advisory fuel rates for company cars Number of firms in critical financial distress rises sharply May 2022 HMRC starts chasing up SEISS overpayments UK government unveils energy strategy Treasury announces it will regulate some forms of cryptocurrency HMRC names avoidance scheme promoters for first time New HMRC one-stop online shop provides taxpayers with tax relief information Export growth is 'stagnant', BCC finds Latest guidance for employers Government inaction on long COVID could cost billions April 2022 Chancellor cuts fuel duty in Spring Statement Business groups give mixed response to Spring Statement OBR updates economic picture MTD for VAT brings in up to an extra £195 million in tax Bank of England raises interest rates for third time in a row UK economic growth to halve this year, warns BCC Student loan repayments for new borrowers to start at £25,000 CMA frees leaseholders from rising ground rents March 2022 Spring Statement 2022 Spring Statement is the time to act, says CBI Coronavirus SSP Rebate Scheme set to close on 17 March Businesses urged to apply for remaining COVID-19 support grants Two freeports planned for Scotland HMRC raises late payment interest rate MPs call for road pricing to replace motoring taxes Over a million take advantage of extra time to file self assessment returns Advisory fuel rates for company cars February 2022 COVID-19 support grants paid to companies must be included on company tax returns Government scheme gives discounts of up to £5,000 on accounting software Claims portal reopens for Statutory Sick Pay Rebate Scheme Consumer group urges taxpayers to avoid using refund firms to claim tax rebates National insurance rise 'set to squeeze budgets', warns CBI No 'convincing case' for digital UK currency, says House of Lords committee Scam HMRC call reports drop by 97% BCC calls for 'urgent action' to improve UK-EU trade January 2022 Chancellor announces £1 billion fund for businesses Self assessment taxpayers must declare COVID grants on tax returns HMRC waives self assessment penalties for one month to ease COVID-19 pressures Scottish Budget 2022 Welsh government delivers Budget FCA to introduce new consumer duty HMRC latest guidance for employers Over 440,000 small firms at risk due to late payment crisis December 2021 HMRC's tax take falls by billions due to pandemic Government sets out tax details on TAM Day Three-day wait for Statutory Sick Pay to return next year HMRC issues warning on self assessment scams New law introduced to help protect pension savers from scammers Services sector continues to recover despite rising costs Advisory fuel rates for company cars Costs 'weighing on businesses' sustainability intentions', FSB finds November 2021 Chancellor delivers Budget to lay foundation for a strong economy Business groups give mixed response to Budget IFS predicts millions to be worse off next year due to tax rises Payment period on residential CGT is doubled FSB warns tax rises threaten recovery from pandemic Applications now open for freeports Pensions experts say a minimum of £10,900 a year needed to retire Heat pump grants worth £5,000 will help replace gas boilers October 2021 Making Tax Digital for Income Tax Self Assessment delayed for a year National Insurance and dividend tax rises announced for social care reform Chancellor to deliver Autumn 2021 Budget on 27 October Chancellor warned of redundancies as furlough scheme ends COVID-19 sick pay rebate scheme closed in September £800 million Reinsurance Scheme opens for live events Government announces plans to make requesting flexible working a day one right British Business Bank provided £80.5 billion of COVID-19 support September 2021 HMRC outlines changes to late payment penalty regime Digital marketplaces to report sellers' incomes from 2023 CIOT warns over stamp duty refund claims Contactless limit to increase to £100 HMRC urges taxpayers to stay alert to digital scams BCC calls for government to extend skills training Advisory fuel rates for company cars Employers 'named and shamed' for paying less than minimum wage August 2021 Consultation launched on self-employed basis period reform The government has published draft Finance Bill clauses Claiming the fifth self-employed Income Support Scheme (SEISS) grant ICAEW urges HMRC to scrap exemptions to simplify VAT rules HMRC updates Salary Sacrifice guidance Data reveals 1.9 million workers remain on furlough Pension scams average losses now over £50,000 Increase in public trust in charities July 2021 Furlough scheme starts to wind down Apprenticeship cash boost Property tax changes HMRC launches 13,000 investigations into COVID-19 support schemes Schemes create one stop shop for VAT on EU trade Over 280,000 families now using Tax-Free Childcare 440,000 tax credit claimants still to renew their claims 800,000 claim tax relief for working from home June 2021 Fifth SEISS grant will be open to claims from late July HMRC's VAT Deferral New Payment Scheme to close this month NIC reliefs set for Freeports Government confirms start date for Plastic Packaging Tax Effectiveness of OTS set to be reviewed by Treasury Trade credit insurance scheme to close Advisory fuel rates for company cars Forms P11D - reporting employee benefits May 2021 Fourth self-employed grant now open for online applications Recovery Loan Scheme opens to businesses Recent changes to IR35 'undermine the self-employed' says IPSE CBI calls for extension of Kickstart Scheme as jobs market remains subdued New 95% mortgage scheme launched New claims required for home working tax relief HMRC sets out penalty regime for SEISS abuse Pension fraud increased to £1.8 million in first quarter of 2021 April 2021 Business rates relief extended with £1.5 billion fund Consultations launched on UK's first Tax Day Government publishes details of Finance Bill 2021 £20 million SME Brexit Support Fund opens for applications HMRC publishes details of final grants for self-employed National Minimum and Living wages increases UK cuts electric vehicle grants by £500 ICAEW urges HMRC to rethink quarterly reports under MTD for corporation tax March 2021 Sunak set out Budget to protect businesses Business groups welcome Budget Late payment penalties for Self Assessment waived until 1 April Online service opens for VAT deferral scheme HMRC clarifies off-payroll rules Domestic VAT reverse charge comes into effect on 1 March Borrowers of Bounce Back loans given six more months for repayments Advisory fuel rates for company cars Spring Budget 2021 February 2021 10.7 million taxpayers submitted their 2019/20 Self Assessment tax returns Rogue employers named and shamed for failing to pay employees the minimum wage Scottish Budget Income Tax Scottish Land and Buildings Transaction Tax Bonus of £1,000 to help businesses take on trainees LITRG calls for a rise in the High Income Child Benefit Charge threshold Government urged by CBI to act on COVID business support ahead of Budget Supreme Court backs small firms on business interruption claims January 2021 Finance Secretary for Scotland outlines spending plans in 2021/22 Scottish Budget Chancellor announces £4.6 billion lockdown grant package Extension of the Job Retention Scheme VAT deferral New action to disrupt promoters of tax avoidance schemes Self assessment deadline approaching Institute of Directors warns Capital Gains Tax rise would adversely affect entrepreneurs Individuals urged to remain vigilant when making festive charitable donations Self-Employment Income Support Scheme December 2020 Get prepared for the end of the Brexit transitional period Virtual Christmas parties will qualify for tax exemption Gifts to employees can be tax-free Minimum Wage Increases from April 2021 Advisory fuel rates for company cars Self assessment taxpayers warned to watch out for scammers posing as HMRC HMRC confirms MTD for corporation tax to be mandated from 2026 £1 million Annual Investment Allowance cap extended November 2020 Furlough scheme extended Increased support made available for the self employed Chancellor approves grants for businesses closed by lockdown Self assessment customers to benefit from enhanced payment plans Taxpayers claim tax relief for working from home Brexit imports and exports ATT issues last call for firms seeking to use increased Annual Investment Allowance Latest guidance for employers October 2020 Job Support Scheme Winter Economy Plan support for the self-employed VAT deferral and enhanced Time to Pay for self assessment Changes to the Bounce Back Loan and Coronavirus Business Interruption Loan Schemes The VAT reverse charge Ministers announce new grants for businesses affected by local lockdowns New trade arrangements with the EU from 1 January 2021 House sales rise following the introduction of stamp duty holiday September 2020 Kickstart Scheme opens for applications Self Employment Income Support Scheme Grants Plastic bag tax charge to be doubled and extended to all retailers More than £30 million lost to pension scams Advisory fuel rates for company cars Eat Out to Help Out - over 64 million meals Self assessment deadlines HMRC latest guidance for employers August 2020 HMRC outlines Job Retention Bonus criteria Treasury sets out next steps for Making Tax Digital Government announces review of business rates scheme Eat Out to Help Out now up and running Scottish government cuts LBTT to help home buyers Wales reduces LTT rate Chancellor asks OTS to review capital gains tax Overclaimed COVID grants July 2020 Chancellor unveils three-point plan for jobs Stamp duty temporarily reduced Flexible furloughing starts on job retention scheme Government expands aid for start-ups and innovators Bank of England increases stimulus package for UK economy FCA confirms further support for consumer credit customers Private sector off-payroll reforms given go ahead for April 2021 Late payment crisis has worsened during coronavirus lockdown June 2020 Chancellor announces changes to Job Retention Scheme COVID-19: delay to VAT reverse charge on construction services Loan size increased to £200 million under large business interruption scheme Future Fund launches to give start-ups coronavirus support Coronavirus Statutory Sick Pay Rebate Scheme goes live Changes to insolvency and company law going through Parliament UK sets out post-Brexit tariff regime MPs open inquiry into £155 billion of tax reliefs May 2020 Government launches small business micro loan scheme Lenders relax evidence requirements for business interruption loan scheme applications Job Retention Scheme goes live HMRC releases guidance for self-employed scheme Government launches support finding tool for business OBR predicts UK economy will shrink by over a third Government borrowing could rise to £300 billion HMRC extends late reporting deadline for CGT April 2020 Chancellor's business support packages for coronavirus pandemic Chancellor unveils help for self-employed workers Regulators request delay in corporate reporting HMRC urges businesses using VAT deferral to cancel direct debits Get ready for 30-day returns and payments for residential property gains New tests and new car benefit percentages HMRC delays introduction of off-payroll rules to private sector Rise in contactless card payment limit March 2020 COVID-19: measures for UK businesses Spring Budget 2020 Coronavirus measure: Statutory Sick Pay from day one Review confirms off-payroll working rules to go ahead from April 2020 IFS calls for Chancellor to raise taxes in upcoming Budget Minimum Wage increases Advisory fuel rates for company cars Don't forget to make tax efficient investments ahead of the tax year end Freeports Additional financial support for flooding victims February 2020 Brexit - transition period Scottish Budget Budget Day 11 March A decade of bizarre excuses and expense claims Off-payroll working Tax relief on professional fees and subscriptions Changes to overdraft fees New right to paid parental bereavement leave January 2020 Chancellor announces Budget date Minimum wage rates announced Review of the Disguised Remuneration Loan Charge Chancellor commits to review of IR35 Retiring clinicians payments Guidance on Structures and Buildings Allowance Call for review of High Income Child Benefit Charge Self assessment deadline approaching Current list of deliberate tax defaulters Welsh government publishes Draft Budget Working off-payroll December 2019 Making sure gifts to employees are tax-free Advisory fuel rates for company cars HMRC offers tips on avoiding Self Assessment tax scams Check employment status for tax tool update Temporary pensions tax arrangement for NHS staff HMRC issues guidance on cryptoassets Latest guidance for employers Research and Development spend November 2019 Budget will not now take place on 6 November Christa Ackroyd loses IR35 appeal Clamp down on enablers of tax avoidance schemes Increase in probate fees abandoned Charities fraud protection failures Guidance for employers HMRC countdown: file your tax return Genuine HMRC contact and recognising phishing emails and texts October 2019 VAT domestic reverse charge for building and construction services delayed Independent review of the Loan Charge Senior clinicians' pensions consultation HMRC collects record amounts of IHT 'Major gaps' in no-deal Brexit guidance Brexit-readiness events for business Experts warning over insolvency debts Money Laundering non-compliance September 2019 Simplify apprenticeship funding HMRC issues Customs EORI numbers Trusts with small amounts of savings income Advisory fuel rates for company cars PAYE late filing and late payment penalties Self assessment deadlines HMRC latest guidance for employers Strong Customer Authentication August 2019 Off-payroll rules for the private sector Digital Services Tax Insolvency hierarchy changes Private Residence Relief changes Working parents may be eligible for tax-free childcare this summer VAT changes may cause construction chaos Wage growth at a high Updated guidance on spotting HMRC scammers July 2019 Tax gap remains low Preparing the workforce for EU Exit MTD for VAT latest Employer Bulletin - latest guidance New measures to ensure small businesses get paid on time Payment on account confusion UK Investment Support Directory Consultation on the operation of Insurance Premium Tax June 2019 MTD for VAT is now live OTS calls for simplifying everyday tax for smaller businesses HMRC taskforce tackles dishonest dog breeders Forms P11D - reporting employee benefits Welsh taxpayers income tax code mix-up Consultation on Companies House reforms Consultation on ancillary capital gains reliefs Advisory fuel rates for company cars Non-compliance with minimum wage regulations May 2019 Consultation on extension of IR35 rules Government confirms implementation of pensions dashboards 'Springtime' tax scams target young people Latest guidance for employers VAT fuel scale charges Money Laundering 'Flexible extension' to Article 50 Scottish Air Departure Tax plans further delayed April 2019 MTD for VAT Reporting Benefits in Kind - Forms P11D Additional Brexit advisory documents for small businesses Delay to rise in probate fees Update on Structures and Buildings Allowance Call for tax on social media businesses Changes to income tax for 2019/20 HMRC wins disguised remuneration avoidance case
1.25% increase to NIC and dividend tax rates September 8, 2021September 8, 2021 by Banner & Associates Latest News for Business (Archive) March 2023 HMRC sounds warning on new VAT penalties Spring Budget must ease cost pressures on businesses, says BCC Inflation remains close to 40-year high UK economy narrowly avoided recession last year Record 11.7 million tax returns received on time 'Digital pound' likely to launch this decade, says Treasury HMRC urges eligible couples to claim Marriage Allowance Advisory fuel rates for company cars February 2023 Energy bill support for firms to be reduced from April Bank of England raises interest rates to highest level in 14 years Government launches consultation on R&D relief Fewer firms investing in training despite skills shortage UK business confidence plummets to 13 year low Small firms 'facing challenges when applying for financing' BCC warns SME exporters 'under tightening pressure' Pensioners outnumber young people for filing self assessment tax returns January 2023 MTD for ITSA delayed for two more years Tax non-compliance during pandemic Government extends mortgage guarantee scheme Chancellor announces Spring Budget date Bank of England raises base rate Brexit deal not delivering for businesses Plymouth and South Devon freeport gets go ahead Chancellor launches financial sector reforms December 2022 Tax burden rises following Autumn Statement CBI praises Chancellor for 'delivering stability' in Autumn Statement IFS warns of fall in household incomes OECD warns UK on course for biggest economic downturn Auto-enrolment has helped workers save £114 billion into pensions UK businesses anticipate growth in exports Digital Services Tax has raised £358 million Advisory fuel rates for company cars November 2022 Government pushes back economic statement New PM must restore confidence, say business groups Inflation returns to 40-year high FCA warns that eight million are struggling to keep up with bills IoD survey finds UK businesses anticipate growth in exports Self assessment clock ticks down to under 100 days Latest guidance for employers British Business Bank lending now exceeds £12 billion October 2022 Government abandons plan to scrap 45p top rate of income tax Chancellor outlines growth measures at Mini Budget IMF criticises government over tax plans Government caps business energy bills VAT businesses must be ready for Making Tax Digital filing by November SMEs facing recruitment struggles HMRC raises late payment interest from 11 October Action Fraud warns scammers are exploiting cost-of-living crisis September 2022 HMRC releases more details MTD for Income Tax Ofgem raises energy price cap Treasury Committee warns government against 'flying blind' with Emergency Budget Experts warn inflation could keep rising in 2023 Energy firms call for windfall tax to be scrapped by 2025 TUC urges government to raise NMW Report finds decline in the use of cash is easing Advisory fuel rates for company cars August 2022 Recovery Loan Scheme to be relaunched National insurance threshold rises IMF warns UK is set for slowest rate of growth of G7 countries Reform required to combat staff shortages, says BCC IoD calls for extension of capital allowances super-deduction Insurer warns of rise in fraudulent claims amid cost-of-living crisis New finance legislation aims to unlock investments Pandemic-born businesses could add £20.4 billion to UK economy July 2022 MTD for income tax pilot extended HMRC criticised over IR35 implementation Inflation hits 40-year high Bank of England raises UK interest rates to 13-year high NICs increase has immediate impact on businesses Manufacturers call for support package Latest guidance for employers New homeowners warned over tax refund claims June 2022 Chancellor announces windfall tax on energy firms Energy price cap set to rise to £2,800 in October Inflation hits 40-year high Almost 66,500 filed self assessment returns on 6 April New law to protect access to cash announced in Queen's Speech HMRC issues £14 million in penalties for minimum wage offences Advisory fuel rates for company cars Number of firms in critical financial distress rises sharply May 2022 HMRC starts chasing up SEISS overpayments UK government unveils energy strategy Treasury announces it will regulate some forms of cryptocurrency HMRC names avoidance scheme promoters for first time New HMRC one-stop online shop provides taxpayers with tax relief information Export growth is 'stagnant', BCC finds Latest guidance for employers Government inaction on long COVID could cost billions April 2022 Chancellor cuts fuel duty in Spring Statement Business groups give mixed response to Spring Statement OBR updates economic picture MTD for VAT brings in up to an extra £195 million in tax Bank of England raises interest rates for third time in a row UK economic growth to halve this year, warns BCC Student loan repayments for new borrowers to start at £25,000 CMA frees leaseholders from rising ground rents March 2022 Spring Statement 2022 Spring Statement is the time to act, says CBI Coronavirus SSP Rebate Scheme set to close on 17 March Businesses urged to apply for remaining COVID-19 support grants Two freeports planned for Scotland HMRC raises late payment interest rate MPs call for road pricing to replace motoring taxes Over a million take advantage of extra time to file self assessment returns Advisory fuel rates for company cars February 2022 COVID-19 support grants paid to companies must be included on company tax returns Government scheme gives discounts of up to £5,000 on accounting software Claims portal reopens for Statutory Sick Pay Rebate Scheme Consumer group urges taxpayers to avoid using refund firms to claim tax rebates National insurance rise 'set to squeeze budgets', warns CBI No 'convincing case' for digital UK currency, says House of Lords committee Scam HMRC call reports drop by 97% BCC calls for 'urgent action' to improve UK-EU trade January 2022 Chancellor announces £1 billion fund for businesses Self assessment taxpayers must declare COVID grants on tax returns HMRC waives self assessment penalties for one month to ease COVID-19 pressures Scottish Budget 2022 Welsh government delivers Budget FCA to introduce new consumer duty HMRC latest guidance for employers Over 440,000 small firms at risk due to late payment crisis December 2021 HMRC's tax take falls by billions due to pandemic Government sets out tax details on TAM Day Three-day wait for Statutory Sick Pay to return next year HMRC issues warning on self assessment scams New law introduced to help protect pension savers from scammers Services sector continues to recover despite rising costs Advisory fuel rates for company cars Costs 'weighing on businesses' sustainability intentions', FSB finds November 2021 Chancellor delivers Budget to lay foundation for a strong economy Business groups give mixed response to Budget IFS predicts millions to be worse off next year due to tax rises Payment period on residential CGT is doubled FSB warns tax rises threaten recovery from pandemic Applications now open for freeports Pensions experts say a minimum of £10,900 a year needed to retire Heat pump grants worth £5,000 will help replace gas boilers October 2021 Making Tax Digital for Income Tax Self Assessment delayed for a year National Insurance and dividend tax rises announced for social care reform Chancellor to deliver Autumn 2021 Budget on 27 October Chancellor warned of redundancies as furlough scheme ends COVID-19 sick pay rebate scheme closed in September £800 million Reinsurance Scheme opens for live events Government announces plans to make requesting flexible working a day one right British Business Bank provided £80.5 billion of COVID-19 support September 2021 HMRC outlines changes to late payment penalty regime Digital marketplaces to report sellers' incomes from 2023 CIOT warns over stamp duty refund claims Contactless limit to increase to £100 HMRC urges taxpayers to stay alert to digital scams BCC calls for government to extend skills training Advisory fuel rates for company cars Employers 'named and shamed' for paying less than minimum wage August 2021 Consultation launched on self-employed basis period reform The government has published draft Finance Bill clauses Claiming the fifth self-employed Income Support Scheme (SEISS) grant ICAEW urges HMRC to scrap exemptions to simplify VAT rules HMRC updates Salary Sacrifice guidance Data reveals 1.9 million workers remain on furlough Pension scams average losses now over £50,000 Increase in public trust in charities July 2021 Furlough scheme starts to wind down Apprenticeship cash boost Property tax changes HMRC launches 13,000 investigations into COVID-19 support schemes Schemes create one stop shop for VAT on EU trade Over 280,000 families now using Tax-Free Childcare 440,000 tax credit claimants still to renew their claims 800,000 claim tax relief for working from home June 2021 Fifth SEISS grant will be open to claims from late July HMRC's VAT Deferral New Payment Scheme to close this month NIC reliefs set for Freeports Government confirms start date for Plastic Packaging Tax Effectiveness of OTS set to be reviewed by Treasury Trade credit insurance scheme to close Advisory fuel rates for company cars Forms P11D - reporting employee benefits May 2021 Fourth self-employed grant now open for online applications Recovery Loan Scheme opens to businesses Recent changes to IR35 'undermine the self-employed' says IPSE CBI calls for extension of Kickstart Scheme as jobs market remains subdued New 95% mortgage scheme launched New claims required for home working tax relief HMRC sets out penalty regime for SEISS abuse Pension fraud increased to £1.8 million in first quarter of 2021 April 2021 Business rates relief extended with £1.5 billion fund Consultations launched on UK's first Tax Day Government publishes details of Finance Bill 2021 £20 million SME Brexit Support Fund opens for applications HMRC publishes details of final grants for self-employed National Minimum and Living wages increases UK cuts electric vehicle grants by £500 ICAEW urges HMRC to rethink quarterly reports under MTD for corporation tax March 2021 Sunak set out Budget to protect businesses Business groups welcome Budget Late payment penalties for Self Assessment waived until 1 April Online service opens for VAT deferral scheme HMRC clarifies off-payroll rules Domestic VAT reverse charge comes into effect on 1 March Borrowers of Bounce Back loans given six more months for repayments Advisory fuel rates for company cars Spring Budget 2021 February 2021 10.7 million taxpayers submitted their 2019/20 Self Assessment tax returns Rogue employers named and shamed for failing to pay employees the minimum wage Scottish Budget Income Tax Scottish Land and Buildings Transaction Tax Bonus of £1,000 to help businesses take on trainees LITRG calls for a rise in the High Income Child Benefit Charge threshold Government urged by CBI to act on COVID business support ahead of Budget Supreme Court backs small firms on business interruption claims January 2021 Finance Secretary for Scotland outlines spending plans in 2021/22 Scottish Budget Chancellor announces £4.6 billion lockdown grant package Extension of the Job Retention Scheme VAT deferral New action to disrupt promoters of tax avoidance schemes Self assessment deadline approaching Institute of Directors warns Capital Gains Tax rise would adversely affect entrepreneurs Individuals urged to remain vigilant when making festive charitable donations Self-Employment Income Support Scheme December 2020 Get prepared for the end of the Brexit transitional period Virtual Christmas parties will qualify for tax exemption Gifts to employees can be tax-free Minimum Wage Increases from April 2021 Advisory fuel rates for company cars Self assessment taxpayers warned to watch out for scammers posing as HMRC HMRC confirms MTD for corporation tax to be mandated from 2026 £1 million Annual Investment Allowance cap extended November 2020 Furlough scheme extended Increased support made available for the self employed Chancellor approves grants for businesses closed by lockdown Self assessment customers to benefit from enhanced payment plans Taxpayers claim tax relief for working from home Brexit imports and exports ATT issues last call for firms seeking to use increased Annual Investment Allowance Latest guidance for employers October 2020 Job Support Scheme Winter Economy Plan support for the self-employed VAT deferral and enhanced Time to Pay for self assessment Changes to the Bounce Back Loan and Coronavirus Business Interruption Loan Schemes The VAT reverse charge Ministers announce new grants for businesses affected by local lockdowns New trade arrangements with the EU from 1 January 2021 House sales rise following the introduction of stamp duty holiday September 2020 Kickstart Scheme opens for applications Self Employment Income Support Scheme Grants Plastic bag tax charge to be doubled and extended to all retailers More than £30 million lost to pension scams Advisory fuel rates for company cars Eat Out to Help Out - over 64 million meals Self assessment deadlines HMRC latest guidance for employers August 2020 HMRC outlines Job Retention Bonus criteria Treasury sets out next steps for Making Tax Digital Government announces review of business rates scheme Eat Out to Help Out now up and running Scottish government cuts LBTT to help home buyers Wales reduces LTT rate Chancellor asks OTS to review capital gains tax Overclaimed COVID grants July 2020 Chancellor unveils three-point plan for jobs Stamp duty temporarily reduced Flexible furloughing starts on job retention scheme Government expands aid for start-ups and innovators Bank of England increases stimulus package for UK economy FCA confirms further support for consumer credit customers Private sector off-payroll reforms given go ahead for April 2021 Late payment crisis has worsened during coronavirus lockdown June 2020 Chancellor announces changes to Job Retention Scheme COVID-19: delay to VAT reverse charge on construction services Loan size increased to £200 million under large business interruption scheme Future Fund launches to give start-ups coronavirus support Coronavirus Statutory Sick Pay Rebate Scheme goes live Changes to insolvency and company law going through Parliament UK sets out post-Brexit tariff regime MPs open inquiry into £155 billion of tax reliefs May 2020 Government launches small business micro loan scheme Lenders relax evidence requirements for business interruption loan scheme applications Job Retention Scheme goes live HMRC releases guidance for self-employed scheme Government launches support finding tool for business OBR predicts UK economy will shrink by over a third Government borrowing could rise to £300 billion HMRC extends late reporting deadline for CGT April 2020 Chancellor's business support packages for coronavirus pandemic Chancellor unveils help for self-employed workers Regulators request delay in corporate reporting HMRC urges businesses using VAT deferral to cancel direct debits Get ready for 30-day returns and payments for residential property gains New tests and new car benefit percentages HMRC delays introduction of off-payroll rules to private sector Rise in contactless card payment limit March 2020 COVID-19: measures for UK businesses Spring Budget 2020 Coronavirus measure: Statutory Sick Pay from day one Review confirms off-payroll working rules to go ahead from April 2020 IFS calls for Chancellor to raise taxes in upcoming Budget Minimum Wage increases Advisory fuel rates for company cars Don't forget to make tax efficient investments ahead of the tax year end Freeports Additional financial support for flooding victims February 2020 Brexit - transition period Scottish Budget Budget Day 11 March A decade of bizarre excuses and expense claims Off-payroll working Tax relief on professional fees and subscriptions Changes to overdraft fees New right to paid parental bereavement leave January 2020 Chancellor announces Budget date Minimum wage rates announced Review of the Disguised Remuneration Loan Charge Chancellor commits to review of IR35 Retiring clinicians payments Guidance on Structures and Buildings Allowance Call for review of High Income Child Benefit Charge Self assessment deadline approaching Current list of deliberate tax defaulters Welsh government publishes Draft Budget Working off-payroll December 2019 Making sure gifts to employees are tax-free Advisory fuel rates for company cars HMRC offers tips on avoiding Self Assessment tax scams Check employment status for tax tool update Temporary pensions tax arrangement for NHS staff HMRC issues guidance on cryptoassets Latest guidance for employers Research and Development spend November 2019 Budget will not now take place on 6 November Christa Ackroyd loses IR35 appeal Clamp down on enablers of tax avoidance schemes Increase in probate fees abandoned Charities fraud protection failures Guidance for employers HMRC countdown: file your tax return Genuine HMRC contact and recognising phishing emails and texts October 2019 VAT domestic reverse charge for building and construction services delayed Independent review of the Loan Charge Senior clinicians' pensions consultation HMRC collects record amounts of IHT 'Major gaps' in no-deal Brexit guidance Brexit-readiness events for business Experts warning over insolvency debts Money Laundering non-compliance September 2019 Simplify apprenticeship funding HMRC issues Customs EORI numbers Trusts with small amounts of savings income Advisory fuel rates for company cars PAYE late filing and late payment penalties Self assessment deadlines HMRC latest guidance for employers Strong Customer Authentication August 2019 Off-payroll rules for the private sector Digital Services Tax Insolvency hierarchy changes Private Residence Relief changes Working parents may be eligible for tax-free childcare this summer VAT changes may cause construction chaos Wage growth at a high Updated guidance on spotting HMRC scammers July 2019 Tax gap remains low Preparing the workforce for EU Exit MTD for VAT latest Employer Bulletin - latest guidance New measures to ensure small businesses get paid on time Payment on account confusion UK Investment Support Directory Consultation on the operation of Insurance Premium Tax June 2019 MTD for VAT is now live OTS calls for simplifying everyday tax for smaller businesses HMRC taskforce tackles dishonest dog breeders Forms P11D - reporting employee benefits Welsh taxpayers income tax code mix-up Consultation on Companies House reforms Consultation on ancillary capital gains reliefs Advisory fuel rates for company cars Non-compliance with minimum wage regulations May 2019 Consultation on extension of IR35 rules Government confirms implementation of pensions dashboards 'Springtime' tax scams target young people Latest guidance for employers VAT fuel scale charges Money Laundering 'Flexible extension' to Article 50 Scottish Air Departure Tax plans further delayed April 2019 MTD for VAT Reporting Benefits in Kind - Forms P11D Additional Brexit advisory documents for small businesses Delay to rise in probate fees Update on Structures and Buildings Allowance Call for tax on social media businesses Changes to income tax for 2019/20 HMRC wins disguised remuneration avoidance case
Budget 2021 March 5, 2021 by Ron Banerjee Latest News for Business (Archive) March 2023 HMRC sounds warning on new VAT penalties Spring Budget must ease cost pressures on businesses, says BCC Inflation remains close to 40-year high UK economy narrowly avoided recession last year Record 11.7 million tax returns received on time 'Digital pound' likely to launch this decade, says Treasury HMRC urges eligible couples to claim Marriage Allowance Advisory fuel rates for company cars February 2023 Energy bill support for firms to be reduced from April Bank of England raises interest rates to highest level in 14 years Government launches consultation on R&D relief Fewer firms investing in training despite skills shortage UK business confidence plummets to 13 year low Small firms 'facing challenges when applying for financing' BCC warns SME exporters 'under tightening pressure' Pensioners outnumber young people for filing self assessment tax returns January 2023 MTD for ITSA delayed for two more years Tax non-compliance during pandemic Government extends mortgage guarantee scheme Chancellor announces Spring Budget date Bank of England raises base rate Brexit deal not delivering for businesses Plymouth and South Devon freeport gets go ahead Chancellor launches financial sector reforms December 2022 Tax burden rises following Autumn Statement CBI praises Chancellor for 'delivering stability' in Autumn Statement IFS warns of fall in household incomes OECD warns UK on course for biggest economic downturn Auto-enrolment has helped workers save £114 billion into pensions UK businesses anticipate growth in exports Digital Services Tax has raised £358 million Advisory fuel rates for company cars November 2022 Government pushes back economic statement New PM must restore confidence, say business groups Inflation returns to 40-year high FCA warns that eight million are struggling to keep up with bills IoD survey finds UK businesses anticipate growth in exports Self assessment clock ticks down to under 100 days Latest guidance for employers British Business Bank lending now exceeds £12 billion October 2022 Government abandons plan to scrap 45p top rate of income tax Chancellor outlines growth measures at Mini Budget IMF criticises government over tax plans Government caps business energy bills VAT businesses must be ready for Making Tax Digital filing by November SMEs facing recruitment struggles HMRC raises late payment interest from 11 October Action Fraud warns scammers are exploiting cost-of-living crisis September 2022 HMRC releases more details MTD for Income Tax Ofgem raises energy price cap Treasury Committee warns government against 'flying blind' with Emergency Budget Experts warn inflation could keep rising in 2023 Energy firms call for windfall tax to be scrapped by 2025 TUC urges government to raise NMW Report finds decline in the use of cash is easing Advisory fuel rates for company cars August 2022 Recovery Loan Scheme to be relaunched National insurance threshold rises IMF warns UK is set for slowest rate of growth of G7 countries Reform required to combat staff shortages, says BCC IoD calls for extension of capital allowances super-deduction Insurer warns of rise in fraudulent claims amid cost-of-living crisis New finance legislation aims to unlock investments Pandemic-born businesses could add £20.4 billion to UK economy July 2022 MTD for income tax pilot extended HMRC criticised over IR35 implementation Inflation hits 40-year high Bank of England raises UK interest rates to 13-year high NICs increase has immediate impact on businesses Manufacturers call for support package Latest guidance for employers New homeowners warned over tax refund claims June 2022 Chancellor announces windfall tax on energy firms Energy price cap set to rise to £2,800 in October Inflation hits 40-year high Almost 66,500 filed self assessment returns on 6 April New law to protect access to cash announced in Queen's Speech HMRC issues £14 million in penalties for minimum wage offences Advisory fuel rates for company cars Number of firms in critical financial distress rises sharply May 2022 HMRC starts chasing up SEISS overpayments UK government unveils energy strategy Treasury announces it will regulate some forms of cryptocurrency HMRC names avoidance scheme promoters for first time New HMRC one-stop online shop provides taxpayers with tax relief information Export growth is 'stagnant', BCC finds Latest guidance for employers Government inaction on long COVID could cost billions April 2022 Chancellor cuts fuel duty in Spring Statement Business groups give mixed response to Spring Statement OBR updates economic picture MTD for VAT brings in up to an extra £195 million in tax Bank of England raises interest rates for third time in a row UK economic growth to halve this year, warns BCC Student loan repayments for new borrowers to start at £25,000 CMA frees leaseholders from rising ground rents March 2022 Spring Statement 2022 Spring Statement is the time to act, says CBI Coronavirus SSP Rebate Scheme set to close on 17 March Businesses urged to apply for remaining COVID-19 support grants Two freeports planned for Scotland HMRC raises late payment interest rate MPs call for road pricing to replace motoring taxes Over a million take advantage of extra time to file self assessment returns Advisory fuel rates for company cars February 2022 COVID-19 support grants paid to companies must be included on company tax returns Government scheme gives discounts of up to £5,000 on accounting software Claims portal reopens for Statutory Sick Pay Rebate Scheme Consumer group urges taxpayers to avoid using refund firms to claim tax rebates National insurance rise 'set to squeeze budgets', warns CBI No 'convincing case' for digital UK currency, says House of Lords committee Scam HMRC call reports drop by 97% BCC calls for 'urgent action' to improve UK-EU trade January 2022 Chancellor announces £1 billion fund for businesses Self assessment taxpayers must declare COVID grants on tax returns HMRC waives self assessment penalties for one month to ease COVID-19 pressures Scottish Budget 2022 Welsh government delivers Budget FCA to introduce new consumer duty HMRC latest guidance for employers Over 440,000 small firms at risk due to late payment crisis December 2021 HMRC's tax take falls by billions due to pandemic Government sets out tax details on TAM Day Three-day wait for Statutory Sick Pay to return next year HMRC issues warning on self assessment scams New law introduced to help protect pension savers from scammers Services sector continues to recover despite rising costs Advisory fuel rates for company cars Costs 'weighing on businesses' sustainability intentions', FSB finds November 2021 Chancellor delivers Budget to lay foundation for a strong economy Business groups give mixed response to Budget IFS predicts millions to be worse off next year due to tax rises Payment period on residential CGT is doubled FSB warns tax rises threaten recovery from pandemic Applications now open for freeports Pensions experts say a minimum of £10,900 a year needed to retire Heat pump grants worth £5,000 will help replace gas boilers October 2021 Making Tax Digital for Income Tax Self Assessment delayed for a year National Insurance and dividend tax rises announced for social care reform Chancellor to deliver Autumn 2021 Budget on 27 October Chancellor warned of redundancies as furlough scheme ends COVID-19 sick pay rebate scheme closed in September £800 million Reinsurance Scheme opens for live events Government announces plans to make requesting flexible working a day one right British Business Bank provided £80.5 billion of COVID-19 support September 2021 HMRC outlines changes to late payment penalty regime Digital marketplaces to report sellers' incomes from 2023 CIOT warns over stamp duty refund claims Contactless limit to increase to £100 HMRC urges taxpayers to stay alert to digital scams BCC calls for government to extend skills training Advisory fuel rates for company cars Employers 'named and shamed' for paying less than minimum wage August 2021 Consultation launched on self-employed basis period reform The government has published draft Finance Bill clauses Claiming the fifth self-employed Income Support Scheme (SEISS) grant ICAEW urges HMRC to scrap exemptions to simplify VAT rules HMRC updates Salary Sacrifice guidance Data reveals 1.9 million workers remain on furlough Pension scams average losses now over £50,000 Increase in public trust in charities July 2021 Furlough scheme starts to wind down Apprenticeship cash boost Property tax changes HMRC launches 13,000 investigations into COVID-19 support schemes Schemes create one stop shop for VAT on EU trade Over 280,000 families now using Tax-Free Childcare 440,000 tax credit claimants still to renew their claims 800,000 claim tax relief for working from home June 2021 Fifth SEISS grant will be open to claims from late July HMRC's VAT Deferral New Payment Scheme to close this month NIC reliefs set for Freeports Government confirms start date for Plastic Packaging Tax Effectiveness of OTS set to be reviewed by Treasury Trade credit insurance scheme to close Advisory fuel rates for company cars Forms P11D - reporting employee benefits May 2021 Fourth self-employed grant now open for online applications Recovery Loan Scheme opens to businesses Recent changes to IR35 'undermine the self-employed' says IPSE CBI calls for extension of Kickstart Scheme as jobs market remains subdued New 95% mortgage scheme launched New claims required for home working tax relief HMRC sets out penalty regime for SEISS abuse Pension fraud increased to £1.8 million in first quarter of 2021 April 2021 Business rates relief extended with £1.5 billion fund Consultations launched on UK's first Tax Day Government publishes details of Finance Bill 2021 £20 million SME Brexit Support Fund opens for applications HMRC publishes details of final grants for self-employed National Minimum and Living wages increases UK cuts electric vehicle grants by £500 ICAEW urges HMRC to rethink quarterly reports under MTD for corporation tax March 2021 Sunak set out Budget to protect businesses Business groups welcome Budget Late payment penalties for Self Assessment waived until 1 April Online service opens for VAT deferral scheme HMRC clarifies off-payroll rules Domestic VAT reverse charge comes into effect on 1 March Borrowers of Bounce Back loans given six more months for repayments Advisory fuel rates for company cars Spring Budget 2021 February 2021 10.7 million taxpayers submitted their 2019/20 Self Assessment tax returns Rogue employers named and shamed for failing to pay employees the minimum wage Scottish Budget Income Tax Scottish Land and Buildings Transaction Tax Bonus of £1,000 to help businesses take on trainees LITRG calls for a rise in the High Income Child Benefit Charge threshold Government urged by CBI to act on COVID business support ahead of Budget Supreme Court backs small firms on business interruption claims January 2021 Finance Secretary for Scotland outlines spending plans in 2021/22 Scottish Budget Chancellor announces £4.6 billion lockdown grant package Extension of the Job Retention Scheme VAT deferral New action to disrupt promoters of tax avoidance schemes Self assessment deadline approaching Institute of Directors warns Capital Gains Tax rise would adversely affect entrepreneurs Individuals urged to remain vigilant when making festive charitable donations Self-Employment Income Support Scheme December 2020 Get prepared for the end of the Brexit transitional period Virtual Christmas parties will qualify for tax exemption Gifts to employees can be tax-free Minimum Wage Increases from April 2021 Advisory fuel rates for company cars Self assessment taxpayers warned to watch out for scammers posing as HMRC HMRC confirms MTD for corporation tax to be mandated from 2026 £1 million Annual Investment Allowance cap extended November 2020 Furlough scheme extended Increased support made available for the self employed Chancellor approves grants for businesses closed by lockdown Self assessment customers to benefit from enhanced payment plans Taxpayers claim tax relief for working from home Brexit imports and exports ATT issues last call for firms seeking to use increased Annual Investment Allowance Latest guidance for employers October 2020 Job Support Scheme Winter Economy Plan support for the self-employed VAT deferral and enhanced Time to Pay for self assessment Changes to the Bounce Back Loan and Coronavirus Business Interruption Loan Schemes The VAT reverse charge Ministers announce new grants for businesses affected by local lockdowns New trade arrangements with the EU from 1 January 2021 House sales rise following the introduction of stamp duty holiday September 2020 Kickstart Scheme opens for applications Self Employment Income Support Scheme Grants Plastic bag tax charge to be doubled and extended to all retailers More than £30 million lost to pension scams Advisory fuel rates for company cars Eat Out to Help Out - over 64 million meals Self assessment deadlines HMRC latest guidance for employers August 2020 HMRC outlines Job Retention Bonus criteria Treasury sets out next steps for Making Tax Digital Government announces review of business rates scheme Eat Out to Help Out now up and running Scottish government cuts LBTT to help home buyers Wales reduces LTT rate Chancellor asks OTS to review capital gains tax Overclaimed COVID grants July 2020 Chancellor unveils three-point plan for jobs Stamp duty temporarily reduced Flexible furloughing starts on job retention scheme Government expands aid for start-ups and innovators Bank of England increases stimulus package for UK economy FCA confirms further support for consumer credit customers Private sector off-payroll reforms given go ahead for April 2021 Late payment crisis has worsened during coronavirus lockdown June 2020 Chancellor announces changes to Job Retention Scheme COVID-19: delay to VAT reverse charge on construction services Loan size increased to £200 million under large business interruption scheme Future Fund launches to give start-ups coronavirus support Coronavirus Statutory Sick Pay Rebate Scheme goes live Changes to insolvency and company law going through Parliament UK sets out post-Brexit tariff regime MPs open inquiry into £155 billion of tax reliefs May 2020 Government launches small business micro loan scheme Lenders relax evidence requirements for business interruption loan scheme applications Job Retention Scheme goes live HMRC releases guidance for self-employed scheme Government launches support finding tool for business OBR predicts UK economy will shrink by over a third Government borrowing could rise to £300 billion HMRC extends late reporting deadline for CGT April 2020 Chancellor's business support packages for coronavirus pandemic Chancellor unveils help for self-employed workers Regulators request delay in corporate reporting HMRC urges businesses using VAT deferral to cancel direct debits Get ready for 30-day returns and payments for residential property gains New tests and new car benefit percentages HMRC delays introduction of off-payroll rules to private sector Rise in contactless card payment limit March 2020 COVID-19: measures for UK businesses Spring Budget 2020 Coronavirus measure: Statutory Sick Pay from day one Review confirms off-payroll working rules to go ahead from April 2020 IFS calls for Chancellor to raise taxes in upcoming Budget Minimum Wage increases Advisory fuel rates for company cars Don't forget to make tax efficient investments ahead of the tax year end Freeports Additional financial support for flooding victims February 2020 Brexit - transition period Scottish Budget Budget Day 11 March A decade of bizarre excuses and expense claims Off-payroll working Tax relief on professional fees and subscriptions Changes to overdraft fees New right to paid parental bereavement leave January 2020 Chancellor announces Budget date Minimum wage rates announced Review of the Disguised Remuneration Loan Charge Chancellor commits to review of IR35 Retiring clinicians payments Guidance on Structures and Buildings Allowance Call for review of High Income Child Benefit Charge Self assessment deadline approaching Current list of deliberate tax defaulters Welsh government publishes Draft Budget Working off-payroll December 2019 Making sure gifts to employees are tax-free Advisory fuel rates for company cars HMRC offers tips on avoiding Self Assessment tax scams Check employment status for tax tool update Temporary pensions tax arrangement for NHS staff HMRC issues guidance on cryptoassets Latest guidance for employers Research and Development spend November 2019 Budget will not now take place on 6 November Christa Ackroyd loses IR35 appeal Clamp down on enablers of tax avoidance schemes Increase in probate fees abandoned Charities fraud protection failures Guidance for employers HMRC countdown: file your tax return Genuine HMRC contact and recognising phishing emails and texts October 2019 VAT domestic reverse charge for building and construction services delayed Independent review of the Loan Charge Senior clinicians' pensions consultation HMRC collects record amounts of IHT 'Major gaps' in no-deal Brexit guidance Brexit-readiness events for business Experts warning over insolvency debts Money Laundering non-compliance September 2019 Simplify apprenticeship funding HMRC issues Customs EORI numbers Trusts with small amounts of savings income Advisory fuel rates for company cars PAYE late filing and late payment penalties Self assessment deadlines HMRC latest guidance for employers Strong Customer Authentication August 2019 Off-payroll rules for the private sector Digital Services Tax Insolvency hierarchy changes Private Residence Relief changes Working parents may be eligible for tax-free childcare this summer VAT changes may cause construction chaos Wage growth at a high Updated guidance on spotting HMRC scammers July 2019 Tax gap remains low Preparing the workforce for EU Exit MTD for VAT latest Employer Bulletin - latest guidance New measures to ensure small businesses get paid on time Payment on account confusion UK Investment Support Directory Consultation on the operation of Insurance Premium Tax June 2019 MTD for VAT is now live OTS calls for simplifying everyday tax for smaller businesses HMRC taskforce tackles dishonest dog breeders Forms P11D - reporting employee benefits Welsh taxpayers income tax code mix-up Consultation on Companies House reforms Consultation on ancillary capital gains reliefs Advisory fuel rates for company cars Non-compliance with minimum wage regulations May 2019 Consultation on extension of IR35 rules Government confirms implementation of pensions dashboards 'Springtime' tax scams target young people Latest guidance for employers VAT fuel scale charges Money Laundering 'Flexible extension' to Article 50 Scottish Air Departure Tax plans further delayed April 2019 MTD for VAT Reporting Benefits in Kind - Forms P11D Additional Brexit advisory documents for small businesses Delay to rise in probate fees Update on Structures and Buildings Allowance Call for tax on social media businesses Changes to income tax for 2019/20 HMRC wins disguised remuneration avoidance case
COVID-19 Update 3 March 5, 2021October 7, 2020 by Ron Banerjee Latest News for Business (Archive) March 2023 HMRC sounds warning on new VAT penalties Spring Budget must ease cost pressures on businesses, says BCC Inflation remains close to 40-year high UK economy narrowly avoided recession last year Record 11.7 million tax returns received on time 'Digital pound' likely to launch this decade, says Treasury HMRC urges eligible couples to claim Marriage Allowance Advisory fuel rates for company cars February 2023 Energy bill support for firms to be reduced from April Bank of England raises interest rates to highest level in 14 years Government launches consultation on R&D relief Fewer firms investing in training despite skills shortage UK business confidence plummets to 13 year low Small firms 'facing challenges when applying for financing' BCC warns SME exporters 'under tightening pressure' Pensioners outnumber young people for filing self assessment tax returns January 2023 MTD for ITSA delayed for two more years Tax non-compliance during pandemic Government extends mortgage guarantee scheme Chancellor announces Spring Budget date Bank of England raises base rate Brexit deal not delivering for businesses Plymouth and South Devon freeport gets go ahead Chancellor launches financial sector reforms December 2022 Tax burden rises following Autumn Statement CBI praises Chancellor for 'delivering stability' in Autumn Statement IFS warns of fall in household incomes OECD warns UK on course for biggest economic downturn Auto-enrolment has helped workers save £114 billion into pensions UK businesses anticipate growth in exports Digital Services Tax has raised £358 million Advisory fuel rates for company cars November 2022 Government pushes back economic statement New PM must restore confidence, say business groups Inflation returns to 40-year high FCA warns that eight million are struggling to keep up with bills IoD survey finds UK businesses anticipate growth in exports Self assessment clock ticks down to under 100 days Latest guidance for employers British Business Bank lending now exceeds £12 billion October 2022 Government abandons plan to scrap 45p top rate of income tax Chancellor outlines growth measures at Mini Budget IMF criticises government over tax plans Government caps business energy bills VAT businesses must be ready for Making Tax Digital filing by November SMEs facing recruitment struggles HMRC raises late payment interest from 11 October Action Fraud warns scammers are exploiting cost-of-living crisis September 2022 HMRC releases more details MTD for Income Tax Ofgem raises energy price cap Treasury Committee warns government against 'flying blind' with Emergency Budget Experts warn inflation could keep rising in 2023 Energy firms call for windfall tax to be scrapped by 2025 TUC urges government to raise NMW Report finds decline in the use of cash is easing Advisory fuel rates for company cars August 2022 Recovery Loan Scheme to be relaunched National insurance threshold rises IMF warns UK is set for slowest rate of growth of G7 countries Reform required to combat staff shortages, says BCC IoD calls for extension of capital allowances super-deduction Insurer warns of rise in fraudulent claims amid cost-of-living crisis New finance legislation aims to unlock investments Pandemic-born businesses could add £20.4 billion to UK economy July 2022 MTD for income tax pilot extended HMRC criticised over IR35 implementation Inflation hits 40-year high Bank of England raises UK interest rates to 13-year high NICs increase has immediate impact on businesses Manufacturers call for support package Latest guidance for employers New homeowners warned over tax refund claims June 2022 Chancellor announces windfall tax on energy firms Energy price cap set to rise to £2,800 in October Inflation hits 40-year high Almost 66,500 filed self assessment returns on 6 April New law to protect access to cash announced in Queen's Speech HMRC issues £14 million in penalties for minimum wage offences Advisory fuel rates for company cars Number of firms in critical financial distress rises sharply May 2022 HMRC starts chasing up SEISS overpayments UK government unveils energy strategy Treasury announces it will regulate some forms of cryptocurrency HMRC names avoidance scheme promoters for first time New HMRC one-stop online shop provides taxpayers with tax relief information Export growth is 'stagnant', BCC finds Latest guidance for employers Government inaction on long COVID could cost billions April 2022 Chancellor cuts fuel duty in Spring Statement Business groups give mixed response to Spring Statement OBR updates economic picture MTD for VAT brings in up to an extra £195 million in tax Bank of England raises interest rates for third time in a row UK economic growth to halve this year, warns BCC Student loan repayments for new borrowers to start at £25,000 CMA frees leaseholders from rising ground rents March 2022 Spring Statement 2022 Spring Statement is the time to act, says CBI Coronavirus SSP Rebate Scheme set to close on 17 March Businesses urged to apply for remaining COVID-19 support grants Two freeports planned for Scotland HMRC raises late payment interest rate MPs call for road pricing to replace motoring taxes Over a million take advantage of extra time to file self assessment returns Advisory fuel rates for company cars February 2022 COVID-19 support grants paid to companies must be included on company tax returns Government scheme gives discounts of up to £5,000 on accounting software Claims portal reopens for Statutory Sick Pay Rebate Scheme Consumer group urges taxpayers to avoid using refund firms to claim tax rebates National insurance rise 'set to squeeze budgets', warns CBI No 'convincing case' for digital UK currency, says House of Lords committee Scam HMRC call reports drop by 97% BCC calls for 'urgent action' to improve UK-EU trade January 2022 Chancellor announces £1 billion fund for businesses Self assessment taxpayers must declare COVID grants on tax returns HMRC waives self assessment penalties for one month to ease COVID-19 pressures Scottish Budget 2022 Welsh government delivers Budget FCA to introduce new consumer duty HMRC latest guidance for employers Over 440,000 small firms at risk due to late payment crisis December 2021 HMRC's tax take falls by billions due to pandemic Government sets out tax details on TAM Day Three-day wait for Statutory Sick Pay to return next year HMRC issues warning on self assessment scams New law introduced to help protect pension savers from scammers Services sector continues to recover despite rising costs Advisory fuel rates for company cars Costs 'weighing on businesses' sustainability intentions', FSB finds November 2021 Chancellor delivers Budget to lay foundation for a strong economy Business groups give mixed response to Budget IFS predicts millions to be worse off next year due to tax rises Payment period on residential CGT is doubled FSB warns tax rises threaten recovery from pandemic Applications now open for freeports Pensions experts say a minimum of £10,900 a year needed to retire Heat pump grants worth £5,000 will help replace gas boilers October 2021 Making Tax Digital for Income Tax Self Assessment delayed for a year National Insurance and dividend tax rises announced for social care reform Chancellor to deliver Autumn 2021 Budget on 27 October Chancellor warned of redundancies as furlough scheme ends COVID-19 sick pay rebate scheme closed in September £800 million Reinsurance Scheme opens for live events Government announces plans to make requesting flexible working a day one right British Business Bank provided £80.5 billion of COVID-19 support September 2021 HMRC outlines changes to late payment penalty regime Digital marketplaces to report sellers' incomes from 2023 CIOT warns over stamp duty refund claims Contactless limit to increase to £100 HMRC urges taxpayers to stay alert to digital scams BCC calls for government to extend skills training Advisory fuel rates for company cars Employers 'named and shamed' for paying less than minimum wage August 2021 Consultation launched on self-employed basis period reform The government has published draft Finance Bill clauses Claiming the fifth self-employed Income Support Scheme (SEISS) grant ICAEW urges HMRC to scrap exemptions to simplify VAT rules HMRC updates Salary Sacrifice guidance Data reveals 1.9 million workers remain on furlough Pension scams average losses now over £50,000 Increase in public trust in charities July 2021 Furlough scheme starts to wind down Apprenticeship cash boost Property tax changes HMRC launches 13,000 investigations into COVID-19 support schemes Schemes create one stop shop for VAT on EU trade Over 280,000 families now using Tax-Free Childcare 440,000 tax credit claimants still to renew their claims 800,000 claim tax relief for working from home June 2021 Fifth SEISS grant will be open to claims from late July HMRC's VAT Deferral New Payment Scheme to close this month NIC reliefs set for Freeports Government confirms start date for Plastic Packaging Tax Effectiveness of OTS set to be reviewed by Treasury Trade credit insurance scheme to close Advisory fuel rates for company cars Forms P11D - reporting employee benefits May 2021 Fourth self-employed grant now open for online applications Recovery Loan Scheme opens to businesses Recent changes to IR35 'undermine the self-employed' says IPSE CBI calls for extension of Kickstart Scheme as jobs market remains subdued New 95% mortgage scheme launched New claims required for home working tax relief HMRC sets out penalty regime for SEISS abuse Pension fraud increased to £1.8 million in first quarter of 2021 April 2021 Business rates relief extended with £1.5 billion fund Consultations launched on UK's first Tax Day Government publishes details of Finance Bill 2021 £20 million SME Brexit Support Fund opens for applications HMRC publishes details of final grants for self-employed National Minimum and Living wages increases UK cuts electric vehicle grants by £500 ICAEW urges HMRC to rethink quarterly reports under MTD for corporation tax March 2021 Sunak set out Budget to protect businesses Business groups welcome Budget Late payment penalties for Self Assessment waived until 1 April Online service opens for VAT deferral scheme HMRC clarifies off-payroll rules Domestic VAT reverse charge comes into effect on 1 March Borrowers of Bounce Back loans given six more months for repayments Advisory fuel rates for company cars Spring Budget 2021 February 2021 10.7 million taxpayers submitted their 2019/20 Self Assessment tax returns Rogue employers named and shamed for failing to pay employees the minimum wage Scottish Budget Income Tax Scottish Land and Buildings Transaction Tax Bonus of £1,000 to help businesses take on trainees LITRG calls for a rise in the High Income Child Benefit Charge threshold Government urged by CBI to act on COVID business support ahead of Budget Supreme Court backs small firms on business interruption claims January 2021 Finance Secretary for Scotland outlines spending plans in 2021/22 Scottish Budget Chancellor announces £4.6 billion lockdown grant package Extension of the Job Retention Scheme VAT deferral New action to disrupt promoters of tax avoidance schemes Self assessment deadline approaching Institute of Directors warns Capital Gains Tax rise would adversely affect entrepreneurs Individuals urged to remain vigilant when making festive charitable donations Self-Employment Income Support Scheme December 2020 Get prepared for the end of the Brexit transitional period Virtual Christmas parties will qualify for tax exemption Gifts to employees can be tax-free Minimum Wage Increases from April 2021 Advisory fuel rates for company cars Self assessment taxpayers warned to watch out for scammers posing as HMRC HMRC confirms MTD for corporation tax to be mandated from 2026 £1 million Annual Investment Allowance cap extended November 2020 Furlough scheme extended Increased support made available for the self employed Chancellor approves grants for businesses closed by lockdown Self assessment customers to benefit from enhanced payment plans Taxpayers claim tax relief for working from home Brexit imports and exports ATT issues last call for firms seeking to use increased Annual Investment Allowance Latest guidance for employers October 2020 Job Support Scheme Winter Economy Plan support for the self-employed VAT deferral and enhanced Time to Pay for self assessment Changes to the Bounce Back Loan and Coronavirus Business Interruption Loan Schemes The VAT reverse charge Ministers announce new grants for businesses affected by local lockdowns New trade arrangements with the EU from 1 January 2021 House sales rise following the introduction of stamp duty holiday September 2020 Kickstart Scheme opens for applications Self Employment Income Support Scheme Grants Plastic bag tax charge to be doubled and extended to all retailers More than £30 million lost to pension scams Advisory fuel rates for company cars Eat Out to Help Out - over 64 million meals Self assessment deadlines HMRC latest guidance for employers August 2020 HMRC outlines Job Retention Bonus criteria Treasury sets out next steps for Making Tax Digital Government announces review of business rates scheme Eat Out to Help Out now up and running Scottish government cuts LBTT to help home buyers Wales reduces LTT rate Chancellor asks OTS to review capital gains tax Overclaimed COVID grants July 2020 Chancellor unveils three-point plan for jobs Stamp duty temporarily reduced Flexible furloughing starts on job retention scheme Government expands aid for start-ups and innovators Bank of England increases stimulus package for UK economy FCA confirms further support for consumer credit customers Private sector off-payroll reforms given go ahead for April 2021 Late payment crisis has worsened during coronavirus lockdown June 2020 Chancellor announces changes to Job Retention Scheme COVID-19: delay to VAT reverse charge on construction services Loan size increased to £200 million under large business interruption scheme Future Fund launches to give start-ups coronavirus support Coronavirus Statutory Sick Pay Rebate Scheme goes live Changes to insolvency and company law going through Parliament UK sets out post-Brexit tariff regime MPs open inquiry into £155 billion of tax reliefs May 2020 Government launches small business micro loan scheme Lenders relax evidence requirements for business interruption loan scheme applications Job Retention Scheme goes live HMRC releases guidance for self-employed scheme Government launches support finding tool for business OBR predicts UK economy will shrink by over a third Government borrowing could rise to £300 billion HMRC extends late reporting deadline for CGT April 2020 Chancellor's business support packages for coronavirus pandemic Chancellor unveils help for self-employed workers Regulators request delay in corporate reporting HMRC urges businesses using VAT deferral to cancel direct debits Get ready for 30-day returns and payments for residential property gains New tests and new car benefit percentages HMRC delays introduction of off-payroll rules to private sector Rise in contactless card payment limit March 2020 COVID-19: measures for UK businesses Spring Budget 2020 Coronavirus measure: Statutory Sick Pay from day one Review confirms off-payroll working rules to go ahead from April 2020 IFS calls for Chancellor to raise taxes in upcoming Budget Minimum Wage increases Advisory fuel rates for company cars Don't forget to make tax efficient investments ahead of the tax year end Freeports Additional financial support for flooding victims February 2020 Brexit - transition period Scottish Budget Budget Day 11 March A decade of bizarre excuses and expense claims Off-payroll working Tax relief on professional fees and subscriptions Changes to overdraft fees New right to paid parental bereavement leave January 2020 Chancellor announces Budget date Minimum wage rates announced Review of the Disguised Remuneration Loan Charge Chancellor commits to review of IR35 Retiring clinicians payments Guidance on Structures and Buildings Allowance Call for review of High Income Child Benefit Charge Self assessment deadline approaching Current list of deliberate tax defaulters Welsh government publishes Draft Budget Working off-payroll December 2019 Making sure gifts to employees are tax-free Advisory fuel rates for company cars HMRC offers tips on avoiding Self Assessment tax scams Check employment status for tax tool update Temporary pensions tax arrangement for NHS staff HMRC issues guidance on cryptoassets Latest guidance for employers Research and Development spend November 2019 Budget will not now take place on 6 November Christa Ackroyd loses IR35 appeal Clamp down on enablers of tax avoidance schemes Increase in probate fees abandoned Charities fraud protection failures Guidance for employers HMRC countdown: file your tax return Genuine HMRC contact and recognising phishing emails and texts October 2019 VAT domestic reverse charge for building and construction services delayed Independent review of the Loan Charge Senior clinicians' pensions consultation HMRC collects record amounts of IHT 'Major gaps' in no-deal Brexit guidance Brexit-readiness events for business Experts warning over insolvency debts Money Laundering non-compliance September 2019 Simplify apprenticeship funding HMRC issues Customs EORI numbers Trusts with small amounts of savings income Advisory fuel rates for company cars PAYE late filing and late payment penalties Self assessment deadlines HMRC latest guidance for employers Strong Customer Authentication August 2019 Off-payroll rules for the private sector Digital Services Tax Insolvency hierarchy changes Private Residence Relief changes Working parents may be eligible for tax-free childcare this summer VAT changes may cause construction chaos Wage growth at a high Updated guidance on spotting HMRC scammers July 2019 Tax gap remains low Preparing the workforce for EU Exit MTD for VAT latest Employer Bulletin - latest guidance New measures to ensure small businesses get paid on time Payment on account confusion UK Investment Support Directory Consultation on the operation of Insurance Premium Tax June 2019 MTD for VAT is now live OTS calls for simplifying everyday tax for smaller businesses HMRC taskforce tackles dishonest dog breeders Forms P11D - reporting employee benefits Welsh taxpayers income tax code mix-up Consultation on Companies House reforms Consultation on ancillary capital gains reliefs Advisory fuel rates for company cars Non-compliance with minimum wage regulations May 2019 Consultation on extension of IR35 rules Government confirms implementation of pensions dashboards 'Springtime' tax scams target young people Latest guidance for employers VAT fuel scale charges Money Laundering 'Flexible extension' to Article 50 Scottish Air Departure Tax plans further delayed April 2019 MTD for VAT Reporting Benefits in Kind - Forms P11D Additional Brexit advisory documents for small businesses Delay to rise in probate fees Update on Structures and Buildings Allowance Call for tax on social media businesses Changes to income tax for 2019/20 HMRC wins disguised remuneration avoidance case
Update on Government schemes in response to COVID-19 March 5, 2021April 9, 2020 by Ron Banerjee Latest News for Business (Archive) March 2023 HMRC sounds warning on new VAT penalties Spring Budget must ease cost pressures on businesses, says BCC Inflation remains close to 40-year high UK economy narrowly avoided recession last year Record 11.7 million tax returns received on time 'Digital pound' likely to launch this decade, says Treasury HMRC urges eligible couples to claim Marriage Allowance Advisory fuel rates for company cars February 2023 Energy bill support for firms to be reduced from April Bank of England raises interest rates to highest level in 14 years Government launches consultation on R&D relief Fewer firms investing in training despite skills shortage UK business confidence plummets to 13 year low Small firms 'facing challenges when applying for financing' BCC warns SME exporters 'under tightening pressure' Pensioners outnumber young people for filing self assessment tax returns January 2023 MTD for ITSA delayed for two more years Tax non-compliance during pandemic Government extends mortgage guarantee scheme Chancellor announces Spring Budget date Bank of England raises base rate Brexit deal not delivering for businesses Plymouth and South Devon freeport gets go ahead Chancellor launches financial sector reforms December 2022 Tax burden rises following Autumn Statement CBI praises Chancellor for 'delivering stability' in Autumn Statement IFS warns of fall in household incomes OECD warns UK on course for biggest economic downturn Auto-enrolment has helped workers save £114 billion into pensions UK businesses anticipate growth in exports Digital Services Tax has raised £358 million Advisory fuel rates for company cars November 2022 Government pushes back economic statement New PM must restore confidence, say business groups Inflation returns to 40-year high FCA warns that eight million are struggling to keep up with bills IoD survey finds UK businesses anticipate growth in exports Self assessment clock ticks down to under 100 days Latest guidance for employers British Business Bank lending now exceeds £12 billion October 2022 Government abandons plan to scrap 45p top rate of income tax Chancellor outlines growth measures at Mini Budget IMF criticises government over tax plans Government caps business energy bills VAT businesses must be ready for Making Tax Digital filing by November SMEs facing recruitment struggles HMRC raises late payment interest from 11 October Action Fraud warns scammers are exploiting cost-of-living crisis September 2022 HMRC releases more details MTD for Income Tax Ofgem raises energy price cap Treasury Committee warns government against 'flying blind' with Emergency Budget Experts warn inflation could keep rising in 2023 Energy firms call for windfall tax to be scrapped by 2025 TUC urges government to raise NMW Report finds decline in the use of cash is easing Advisory fuel rates for company cars August 2022 Recovery Loan Scheme to be relaunched National insurance threshold rises IMF warns UK is set for slowest rate of growth of G7 countries Reform required to combat staff shortages, says BCC IoD calls for extension of capital allowances super-deduction Insurer warns of rise in fraudulent claims amid cost-of-living crisis New finance legislation aims to unlock investments Pandemic-born businesses could add £20.4 billion to UK economy July 2022 MTD for income tax pilot extended HMRC criticised over IR35 implementation Inflation hits 40-year high Bank of England raises UK interest rates to 13-year high NICs increase has immediate impact on businesses Manufacturers call for support package Latest guidance for employers New homeowners warned over tax refund claims June 2022 Chancellor announces windfall tax on energy firms Energy price cap set to rise to £2,800 in October Inflation hits 40-year high Almost 66,500 filed self assessment returns on 6 April New law to protect access to cash announced in Queen's Speech HMRC issues £14 million in penalties for minimum wage offences Advisory fuel rates for company cars Number of firms in critical financial distress rises sharply May 2022 HMRC starts chasing up SEISS overpayments UK government unveils energy strategy Treasury announces it will regulate some forms of cryptocurrency HMRC names avoidance scheme promoters for first time New HMRC one-stop online shop provides taxpayers with tax relief information Export growth is 'stagnant', BCC finds Latest guidance for employers Government inaction on long COVID could cost billions April 2022 Chancellor cuts fuel duty in Spring Statement Business groups give mixed response to Spring Statement OBR updates economic picture MTD for VAT brings in up to an extra £195 million in tax Bank of England raises interest rates for third time in a row UK economic growth to halve this year, warns BCC Student loan repayments for new borrowers to start at £25,000 CMA frees leaseholders from rising ground rents March 2022 Spring Statement 2022 Spring Statement is the time to act, says CBI Coronavirus SSP Rebate Scheme set to close on 17 March Businesses urged to apply for remaining COVID-19 support grants Two freeports planned for Scotland HMRC raises late payment interest rate MPs call for road pricing to replace motoring taxes Over a million take advantage of extra time to file self assessment returns Advisory fuel rates for company cars February 2022 COVID-19 support grants paid to companies must be included on company tax returns Government scheme gives discounts of up to £5,000 on accounting software Claims portal reopens for Statutory Sick Pay Rebate Scheme Consumer group urges taxpayers to avoid using refund firms to claim tax rebates National insurance rise 'set to squeeze budgets', warns CBI No 'convincing case' for digital UK currency, says House of Lords committee Scam HMRC call reports drop by 97% BCC calls for 'urgent action' to improve UK-EU trade January 2022 Chancellor announces £1 billion fund for businesses Self assessment taxpayers must declare COVID grants on tax returns HMRC waives self assessment penalties for one month to ease COVID-19 pressures Scottish Budget 2022 Welsh government delivers Budget FCA to introduce new consumer duty HMRC latest guidance for employers Over 440,000 small firms at risk due to late payment crisis December 2021 HMRC's tax take falls by billions due to pandemic Government sets out tax details on TAM Day Three-day wait for Statutory Sick Pay to return next year HMRC issues warning on self assessment scams New law introduced to help protect pension savers from scammers Services sector continues to recover despite rising costs Advisory fuel rates for company cars Costs 'weighing on businesses' sustainability intentions', FSB finds November 2021 Chancellor delivers Budget to lay foundation for a strong economy Business groups give mixed response to Budget IFS predicts millions to be worse off next year due to tax rises Payment period on residential CGT is doubled FSB warns tax rises threaten recovery from pandemic Applications now open for freeports Pensions experts say a minimum of £10,900 a year needed to retire Heat pump grants worth £5,000 will help replace gas boilers October 2021 Making Tax Digital for Income Tax Self Assessment delayed for a year National Insurance and dividend tax rises announced for social care reform Chancellor to deliver Autumn 2021 Budget on 27 October Chancellor warned of redundancies as furlough scheme ends COVID-19 sick pay rebate scheme closed in September £800 million Reinsurance Scheme opens for live events Government announces plans to make requesting flexible working a day one right British Business Bank provided £80.5 billion of COVID-19 support September 2021 HMRC outlines changes to late payment penalty regime Digital marketplaces to report sellers' incomes from 2023 CIOT warns over stamp duty refund claims Contactless limit to increase to £100 HMRC urges taxpayers to stay alert to digital scams BCC calls for government to extend skills training Advisory fuel rates for company cars Employers 'named and shamed' for paying less than minimum wage August 2021 Consultation launched on self-employed basis period reform The government has published draft Finance Bill clauses Claiming the fifth self-employed Income Support Scheme (SEISS) grant ICAEW urges HMRC to scrap exemptions to simplify VAT rules HMRC updates Salary Sacrifice guidance Data reveals 1.9 million workers remain on furlough Pension scams average losses now over £50,000 Increase in public trust in charities July 2021 Furlough scheme starts to wind down Apprenticeship cash boost Property tax changes HMRC launches 13,000 investigations into COVID-19 support schemes Schemes create one stop shop for VAT on EU trade Over 280,000 families now using Tax-Free Childcare 440,000 tax credit claimants still to renew their claims 800,000 claim tax relief for working from home June 2021 Fifth SEISS grant will be open to claims from late July HMRC's VAT Deferral New Payment Scheme to close this month NIC reliefs set for Freeports Government confirms start date for Plastic Packaging Tax Effectiveness of OTS set to be reviewed by Treasury Trade credit insurance scheme to close Advisory fuel rates for company cars Forms P11D - reporting employee benefits May 2021 Fourth self-employed grant now open for online applications Recovery Loan Scheme opens to businesses Recent changes to IR35 'undermine the self-employed' says IPSE CBI calls for extension of Kickstart Scheme as jobs market remains subdued New 95% mortgage scheme launched New claims required for home working tax relief HMRC sets out penalty regime for SEISS abuse Pension fraud increased to £1.8 million in first quarter of 2021 April 2021 Business rates relief extended with £1.5 billion fund Consultations launched on UK's first Tax Day Government publishes details of Finance Bill 2021 £20 million SME Brexit Support Fund opens for applications HMRC publishes details of final grants for self-employed National Minimum and Living wages increases UK cuts electric vehicle grants by £500 ICAEW urges HMRC to rethink quarterly reports under MTD for corporation tax March 2021 Sunak set out Budget to protect businesses Business groups welcome Budget Late payment penalties for Self Assessment waived until 1 April Online service opens for VAT deferral scheme HMRC clarifies off-payroll rules Domestic VAT reverse charge comes into effect on 1 March Borrowers of Bounce Back loans given six more months for repayments Advisory fuel rates for company cars Spring Budget 2021 February 2021 10.7 million taxpayers submitted their 2019/20 Self Assessment tax returns Rogue employers named and shamed for failing to pay employees the minimum wage Scottish Budget Income Tax Scottish Land and Buildings Transaction Tax Bonus of £1,000 to help businesses take on trainees LITRG calls for a rise in the High Income Child Benefit Charge threshold Government urged by CBI to act on COVID business support ahead of Budget Supreme Court backs small firms on business interruption claims January 2021 Finance Secretary for Scotland outlines spending plans in 2021/22 Scottish Budget Chancellor announces £4.6 billion lockdown grant package Extension of the Job Retention Scheme VAT deferral New action to disrupt promoters of tax avoidance schemes Self assessment deadline approaching Institute of Directors warns Capital Gains Tax rise would adversely affect entrepreneurs Individuals urged to remain vigilant when making festive charitable donations Self-Employment Income Support Scheme December 2020 Get prepared for the end of the Brexit transitional period Virtual Christmas parties will qualify for tax exemption Gifts to employees can be tax-free Minimum Wage Increases from April 2021 Advisory fuel rates for company cars Self assessment taxpayers warned to watch out for scammers posing as HMRC HMRC confirms MTD for corporation tax to be mandated from 2026 £1 million Annual Investment Allowance cap extended November 2020 Furlough scheme extended Increased support made available for the self employed Chancellor approves grants for businesses closed by lockdown Self assessment customers to benefit from enhanced payment plans Taxpayers claim tax relief for working from home Brexit imports and exports ATT issues last call for firms seeking to use increased Annual Investment Allowance Latest guidance for employers October 2020 Job Support Scheme Winter Economy Plan support for the self-employed VAT deferral and enhanced Time to Pay for self assessment Changes to the Bounce Back Loan and Coronavirus Business Interruption Loan Schemes The VAT reverse charge Ministers announce new grants for businesses affected by local lockdowns New trade arrangements with the EU from 1 January 2021 House sales rise following the introduction of stamp duty holiday September 2020 Kickstart Scheme opens for applications Self Employment Income Support Scheme Grants Plastic bag tax charge to be doubled and extended to all retailers More than £30 million lost to pension scams Advisory fuel rates for company cars Eat Out to Help Out - over 64 million meals Self assessment deadlines HMRC latest guidance for employers August 2020 HMRC outlines Job Retention Bonus criteria Treasury sets out next steps for Making Tax Digital Government announces review of business rates scheme Eat Out to Help Out now up and running Scottish government cuts LBTT to help home buyers Wales reduces LTT rate Chancellor asks OTS to review capital gains tax Overclaimed COVID grants July 2020 Chancellor unveils three-point plan for jobs Stamp duty temporarily reduced Flexible furloughing starts on job retention scheme Government expands aid for start-ups and innovators Bank of England increases stimulus package for UK economy FCA confirms further support for consumer credit customers Private sector off-payroll reforms given go ahead for April 2021 Late payment crisis has worsened during coronavirus lockdown June 2020 Chancellor announces changes to Job Retention Scheme COVID-19: delay to VAT reverse charge on construction services Loan size increased to £200 million under large business interruption scheme Future Fund launches to give start-ups coronavirus support Coronavirus Statutory Sick Pay Rebate Scheme goes live Changes to insolvency and company law going through Parliament UK sets out post-Brexit tariff regime MPs open inquiry into £155 billion of tax reliefs May 2020 Government launches small business micro loan scheme Lenders relax evidence requirements for business interruption loan scheme applications Job Retention Scheme goes live HMRC releases guidance for self-employed scheme Government launches support finding tool for business OBR predicts UK economy will shrink by over a third Government borrowing could rise to £300 billion HMRC extends late reporting deadline for CGT April 2020 Chancellor's business support packages for coronavirus pandemic Chancellor unveils help for self-employed workers Regulators request delay in corporate reporting HMRC urges businesses using VAT deferral to cancel direct debits Get ready for 30-day returns and payments for residential property gains New tests and new car benefit percentages HMRC delays introduction of off-payroll rules to private sector Rise in contactless card payment limit March 2020 COVID-19: measures for UK businesses Spring Budget 2020 Coronavirus measure: Statutory Sick Pay from day one Review confirms off-payroll working rules to go ahead from April 2020 IFS calls for Chancellor to raise taxes in upcoming Budget Minimum Wage increases Advisory fuel rates for company cars Don't forget to make tax efficient investments ahead of the tax year end Freeports Additional financial support for flooding victims February 2020 Brexit - transition period Scottish Budget Budget Day 11 March A decade of bizarre excuses and expense claims Off-payroll working Tax relief on professional fees and subscriptions Changes to overdraft fees New right to paid parental bereavement leave January 2020 Chancellor announces Budget date Minimum wage rates announced Review of the Disguised Remuneration Loan Charge Chancellor commits to review of IR35 Retiring clinicians payments Guidance on Structures and Buildings Allowance Call for review of High Income Child Benefit Charge Self assessment deadline approaching Current list of deliberate tax defaulters Welsh government publishes Draft Budget Working off-payroll December 2019 Making sure gifts to employees are tax-free Advisory fuel rates for company cars HMRC offers tips on avoiding Self Assessment tax scams Check employment status for tax tool update Temporary pensions tax arrangement for NHS staff HMRC issues guidance on cryptoassets Latest guidance for employers Research and Development spend November 2019 Budget will not now take place on 6 November Christa Ackroyd loses IR35 appeal Clamp down on enablers of tax avoidance schemes Increase in probate fees abandoned Charities fraud protection failures Guidance for employers HMRC countdown: file your tax return Genuine HMRC contact and recognising phishing emails and texts October 2019 VAT domestic reverse charge for building and construction services delayed Independent review of the Loan Charge Senior clinicians' pensions consultation HMRC collects record amounts of IHT 'Major gaps' in no-deal Brexit guidance Brexit-readiness events for business Experts warning over insolvency debts Money Laundering non-compliance September 2019 Simplify apprenticeship funding HMRC issues Customs EORI numbers Trusts with small amounts of savings income Advisory fuel rates for company cars PAYE late filing and late payment penalties Self assessment deadlines HMRC latest guidance for employers Strong Customer Authentication August 2019 Off-payroll rules for the private sector Digital Services Tax Insolvency hierarchy changes Private Residence Relief changes Working parents may be eligible for tax-free childcare this summer VAT changes may cause construction chaos Wage growth at a high Updated guidance on spotting HMRC scammers July 2019 Tax gap remains low Preparing the workforce for EU Exit MTD for VAT latest Employer Bulletin - latest guidance New measures to ensure small businesses get paid on time Payment on account confusion UK Investment Support Directory Consultation on the operation of Insurance Premium Tax June 2019 MTD for VAT is now live OTS calls for simplifying everyday tax for smaller businesses HMRC taskforce tackles dishonest dog breeders Forms P11D - reporting employee benefits Welsh taxpayers income tax code mix-up Consultation on Companies House reforms Consultation on ancillary capital gains reliefs Advisory fuel rates for company cars Non-compliance with minimum wage regulations May 2019 Consultation on extension of IR35 rules Government confirms implementation of pensions dashboards 'Springtime' tax scams target young people Latest guidance for employers VAT fuel scale charges Money Laundering 'Flexible extension' to Article 50 Scottish Air Departure Tax plans further delayed April 2019 MTD for VAT Reporting Benefits in Kind - Forms P11D Additional Brexit advisory documents for small businesses Delay to rise in probate fees Update on Structures and Buildings Allowance Call for tax on social media businesses Changes to income tax for 2019/20 HMRC wins disguised remuneration avoidance case
COVID-19 Government schemes to help March 5, 2021March 25, 2020 by Ron Banerjee Latest News for Business (Archive) March 2023 HMRC sounds warning on new VAT penalties Spring Budget must ease cost pressures on businesses, says BCC Inflation remains close to 40-year high UK economy narrowly avoided recession last year Record 11.7 million tax returns received on time 'Digital pound' likely to launch this decade, says Treasury HMRC urges eligible couples to claim Marriage Allowance Advisory fuel rates for company cars February 2023 Energy bill support for firms to be reduced from April Bank of England raises interest rates to highest level in 14 years Government launches consultation on R&D relief Fewer firms investing in training despite skills shortage UK business confidence plummets to 13 year low Small firms 'facing challenges when applying for financing' BCC warns SME exporters 'under tightening pressure' Pensioners outnumber young people for filing self assessment tax returns January 2023 MTD for ITSA delayed for two more years Tax non-compliance during pandemic Government extends mortgage guarantee scheme Chancellor announces Spring Budget date Bank of England raises base rate Brexit deal not delivering for businesses Plymouth and South Devon freeport gets go ahead Chancellor launches financial sector reforms December 2022 Tax burden rises following Autumn Statement CBI praises Chancellor for 'delivering stability' in Autumn Statement IFS warns of fall in household incomes OECD warns UK on course for biggest economic downturn Auto-enrolment has helped workers save £114 billion into pensions UK businesses anticipate growth in exports Digital Services Tax has raised £358 million Advisory fuel rates for company cars November 2022 Government pushes back economic statement New PM must restore confidence, say business groups Inflation returns to 40-year high FCA warns that eight million are struggling to keep up with bills IoD survey finds UK businesses anticipate growth in exports Self assessment clock ticks down to under 100 days Latest guidance for employers British Business Bank lending now exceeds £12 billion October 2022 Government abandons plan to scrap 45p top rate of income tax Chancellor outlines growth measures at Mini Budget IMF criticises government over tax plans Government caps business energy bills VAT businesses must be ready for Making Tax Digital filing by November SMEs facing recruitment struggles HMRC raises late payment interest from 11 October Action Fraud warns scammers are exploiting cost-of-living crisis September 2022 HMRC releases more details MTD for Income Tax Ofgem raises energy price cap Treasury Committee warns government against 'flying blind' with Emergency Budget Experts warn inflation could keep rising in 2023 Energy firms call for windfall tax to be scrapped by 2025 TUC urges government to raise NMW Report finds decline in the use of cash is easing Advisory fuel rates for company cars August 2022 Recovery Loan Scheme to be relaunched National insurance threshold rises IMF warns UK is set for slowest rate of growth of G7 countries Reform required to combat staff shortages, says BCC IoD calls for extension of capital allowances super-deduction Insurer warns of rise in fraudulent claims amid cost-of-living crisis New finance legislation aims to unlock investments Pandemic-born businesses could add £20.4 billion to UK economy July 2022 MTD for income tax pilot extended HMRC criticised over IR35 implementation Inflation hits 40-year high Bank of England raises UK interest rates to 13-year high NICs increase has immediate impact on businesses Manufacturers call for support package Latest guidance for employers New homeowners warned over tax refund claims June 2022 Chancellor announces windfall tax on energy firms Energy price cap set to rise to £2,800 in October Inflation hits 40-year high Almost 66,500 filed self assessment returns on 6 April New law to protect access to cash announced in Queen's Speech HMRC issues £14 million in penalties for minimum wage offences Advisory fuel rates for company cars Number of firms in critical financial distress rises sharply May 2022 HMRC starts chasing up SEISS overpayments UK government unveils energy strategy Treasury announces it will regulate some forms of cryptocurrency HMRC names avoidance scheme promoters for first time New HMRC one-stop online shop provides taxpayers with tax relief information Export growth is 'stagnant', BCC finds Latest guidance for employers Government inaction on long COVID could cost billions April 2022 Chancellor cuts fuel duty in Spring Statement Business groups give mixed response to Spring Statement OBR updates economic picture MTD for VAT brings in up to an extra £195 million in tax Bank of England raises interest rates for third time in a row UK economic growth to halve this year, warns BCC Student loan repayments for new borrowers to start at £25,000 CMA frees leaseholders from rising ground rents March 2022 Spring Statement 2022 Spring Statement is the time to act, says CBI Coronavirus SSP Rebate Scheme set to close on 17 March Businesses urged to apply for remaining COVID-19 support grants Two freeports planned for Scotland HMRC raises late payment interest rate MPs call for road pricing to replace motoring taxes Over a million take advantage of extra time to file self assessment returns Advisory fuel rates for company cars February 2022 COVID-19 support grants paid to companies must be included on company tax returns Government scheme gives discounts of up to £5,000 on accounting software Claims portal reopens for Statutory Sick Pay Rebate Scheme Consumer group urges taxpayers to avoid using refund firms to claim tax rebates National insurance rise 'set to squeeze budgets', warns CBI No 'convincing case' for digital UK currency, says House of Lords committee Scam HMRC call reports drop by 97% BCC calls for 'urgent action' to improve UK-EU trade January 2022 Chancellor announces £1 billion fund for businesses Self assessment taxpayers must declare COVID grants on tax returns HMRC waives self assessment penalties for one month to ease COVID-19 pressures Scottish Budget 2022 Welsh government delivers Budget FCA to introduce new consumer duty HMRC latest guidance for employers Over 440,000 small firms at risk due to late payment crisis December 2021 HMRC's tax take falls by billions due to pandemic Government sets out tax details on TAM Day Three-day wait for Statutory Sick Pay to return next year HMRC issues warning on self assessment scams New law introduced to help protect pension savers from scammers Services sector continues to recover despite rising costs Advisory fuel rates for company cars Costs 'weighing on businesses' sustainability intentions', FSB finds November 2021 Chancellor delivers Budget to lay foundation for a strong economy Business groups give mixed response to Budget IFS predicts millions to be worse off next year due to tax rises Payment period on residential CGT is doubled FSB warns tax rises threaten recovery from pandemic Applications now open for freeports Pensions experts say a minimum of £10,900 a year needed to retire Heat pump grants worth £5,000 will help replace gas boilers October 2021 Making Tax Digital for Income Tax Self Assessment delayed for a year National Insurance and dividend tax rises announced for social care reform Chancellor to deliver Autumn 2021 Budget on 27 October Chancellor warned of redundancies as furlough scheme ends COVID-19 sick pay rebate scheme closed in September £800 million Reinsurance Scheme opens for live events Government announces plans to make requesting flexible working a day one right British Business Bank provided £80.5 billion of COVID-19 support September 2021 HMRC outlines changes to late payment penalty regime Digital marketplaces to report sellers' incomes from 2023 CIOT warns over stamp duty refund claims Contactless limit to increase to £100 HMRC urges taxpayers to stay alert to digital scams BCC calls for government to extend skills training Advisory fuel rates for company cars Employers 'named and shamed' for paying less than minimum wage August 2021 Consultation launched on self-employed basis period reform The government has published draft Finance Bill clauses Claiming the fifth self-employed Income Support Scheme (SEISS) grant ICAEW urges HMRC to scrap exemptions to simplify VAT rules HMRC updates Salary Sacrifice guidance Data reveals 1.9 million workers remain on furlough Pension scams average losses now over £50,000 Increase in public trust in charities July 2021 Furlough scheme starts to wind down Apprenticeship cash boost Property tax changes HMRC launches 13,000 investigations into COVID-19 support schemes Schemes create one stop shop for VAT on EU trade Over 280,000 families now using Tax-Free Childcare 440,000 tax credit claimants still to renew their claims 800,000 claim tax relief for working from home June 2021 Fifth SEISS grant will be open to claims from late July HMRC's VAT Deferral New Payment Scheme to close this month NIC reliefs set for Freeports Government confirms start date for Plastic Packaging Tax Effectiveness of OTS set to be reviewed by Treasury Trade credit insurance scheme to close Advisory fuel rates for company cars Forms P11D - reporting employee benefits May 2021 Fourth self-employed grant now open for online applications Recovery Loan Scheme opens to businesses Recent changes to IR35 'undermine the self-employed' says IPSE CBI calls for extension of Kickstart Scheme as jobs market remains subdued New 95% mortgage scheme launched New claims required for home working tax relief HMRC sets out penalty regime for SEISS abuse Pension fraud increased to £1.8 million in first quarter of 2021 April 2021 Business rates relief extended with £1.5 billion fund Consultations launched on UK's first Tax Day Government publishes details of Finance Bill 2021 £20 million SME Brexit Support Fund opens for applications HMRC publishes details of final grants for self-employed National Minimum and Living wages increases UK cuts electric vehicle grants by £500 ICAEW urges HMRC to rethink quarterly reports under MTD for corporation tax March 2021 Sunak set out Budget to protect businesses Business groups welcome Budget Late payment penalties for Self Assessment waived until 1 April Online service opens for VAT deferral scheme HMRC clarifies off-payroll rules Domestic VAT reverse charge comes into effect on 1 March Borrowers of Bounce Back loans given six more months for repayments Advisory fuel rates for company cars Spring Budget 2021 February 2021 10.7 million taxpayers submitted their 2019/20 Self Assessment tax returns Rogue employers named and shamed for failing to pay employees the minimum wage Scottish Budget Income Tax Scottish Land and Buildings Transaction Tax Bonus of £1,000 to help businesses take on trainees LITRG calls for a rise in the High Income Child Benefit Charge threshold Government urged by CBI to act on COVID business support ahead of Budget Supreme Court backs small firms on business interruption claims January 2021 Finance Secretary for Scotland outlines spending plans in 2021/22 Scottish Budget Chancellor announces £4.6 billion lockdown grant package Extension of the Job Retention Scheme VAT deferral New action to disrupt promoters of tax avoidance schemes Self assessment deadline approaching Institute of Directors warns Capital Gains Tax rise would adversely affect entrepreneurs Individuals urged to remain vigilant when making festive charitable donations Self-Employment Income Support Scheme December 2020 Get prepared for the end of the Brexit transitional period Virtual Christmas parties will qualify for tax exemption Gifts to employees can be tax-free Minimum Wage Increases from April 2021 Advisory fuel rates for company cars Self assessment taxpayers warned to watch out for scammers posing as HMRC HMRC confirms MTD for corporation tax to be mandated from 2026 £1 million Annual Investment Allowance cap extended November 2020 Furlough scheme extended Increased support made available for the self employed Chancellor approves grants for businesses closed by lockdown Self assessment customers to benefit from enhanced payment plans Taxpayers claim tax relief for working from home Brexit imports and exports ATT issues last call for firms seeking to use increased Annual Investment Allowance Latest guidance for employers October 2020 Job Support Scheme Winter Economy Plan support for the self-employed VAT deferral and enhanced Time to Pay for self assessment Changes to the Bounce Back Loan and Coronavirus Business Interruption Loan Schemes The VAT reverse charge Ministers announce new grants for businesses affected by local lockdowns New trade arrangements with the EU from 1 January 2021 House sales rise following the introduction of stamp duty holiday September 2020 Kickstart Scheme opens for applications Self Employment Income Support Scheme Grants Plastic bag tax charge to be doubled and extended to all retailers More than £30 million lost to pension scams Advisory fuel rates for company cars Eat Out to Help Out - over 64 million meals Self assessment deadlines HMRC latest guidance for employers August 2020 HMRC outlines Job Retention Bonus criteria Treasury sets out next steps for Making Tax Digital Government announces review of business rates scheme Eat Out to Help Out now up and running Scottish government cuts LBTT to help home buyers Wales reduces LTT rate Chancellor asks OTS to review capital gains tax Overclaimed COVID grants July 2020 Chancellor unveils three-point plan for jobs Stamp duty temporarily reduced Flexible furloughing starts on job retention scheme Government expands aid for start-ups and innovators Bank of England increases stimulus package for UK economy FCA confirms further support for consumer credit customers Private sector off-payroll reforms given go ahead for April 2021 Late payment crisis has worsened during coronavirus lockdown June 2020 Chancellor announces changes to Job Retention Scheme COVID-19: delay to VAT reverse charge on construction services Loan size increased to £200 million under large business interruption scheme Future Fund launches to give start-ups coronavirus support Coronavirus Statutory Sick Pay Rebate Scheme goes live Changes to insolvency and company law going through Parliament UK sets out post-Brexit tariff regime MPs open inquiry into £155 billion of tax reliefs May 2020 Government launches small business micro loan scheme Lenders relax evidence requirements for business interruption loan scheme applications Job Retention Scheme goes live HMRC releases guidance for self-employed scheme Government launches support finding tool for business OBR predicts UK economy will shrink by over a third Government borrowing could rise to £300 billion HMRC extends late reporting deadline for CGT April 2020 Chancellor's business support packages for coronavirus pandemic Chancellor unveils help for self-employed workers Regulators request delay in corporate reporting HMRC urges businesses using VAT deferral to cancel direct debits Get ready for 30-day returns and payments for residential property gains New tests and new car benefit percentages HMRC delays introduction of off-payroll rules to private sector Rise in contactless card payment limit March 2020 COVID-19: measures for UK businesses Spring Budget 2020 Coronavirus measure: Statutory Sick Pay from day one Review confirms off-payroll working rules to go ahead from April 2020 IFS calls for Chancellor to raise taxes in upcoming Budget Minimum Wage increases Advisory fuel rates for company cars Don't forget to make tax efficient investments ahead of the tax year end Freeports Additional financial support for flooding victims February 2020 Brexit - transition period Scottish Budget Budget Day 11 March A decade of bizarre excuses and expense claims Off-payroll working Tax relief on professional fees and subscriptions Changes to overdraft fees New right to paid parental bereavement leave January 2020 Chancellor announces Budget date Minimum wage rates announced Review of the Disguised Remuneration Loan Charge Chancellor commits to review of IR35 Retiring clinicians payments Guidance on Structures and Buildings Allowance Call for review of High Income Child Benefit Charge Self assessment deadline approaching Current list of deliberate tax defaulters Welsh government publishes Draft Budget Working off-payroll December 2019 Making sure gifts to employees are tax-free Advisory fuel rates for company cars HMRC offers tips on avoiding Self Assessment tax scams Check employment status for tax tool update Temporary pensions tax arrangement for NHS staff HMRC issues guidance on cryptoassets Latest guidance for employers Research and Development spend November 2019 Budget will not now take place on 6 November Christa Ackroyd loses IR35 appeal Clamp down on enablers of tax avoidance schemes Increase in probate fees abandoned Charities fraud protection failures Guidance for employers HMRC countdown: file your tax return Genuine HMRC contact and recognising phishing emails and texts October 2019 VAT domestic reverse charge for building and construction services delayed Independent review of the Loan Charge Senior clinicians' pensions consultation HMRC collects record amounts of IHT 'Major gaps' in no-deal Brexit guidance Brexit-readiness events for business Experts warning over insolvency debts Money Laundering non-compliance September 2019 Simplify apprenticeship funding HMRC issues Customs EORI numbers Trusts with small amounts of savings income Advisory fuel rates for company cars PAYE late filing and late payment penalties Self assessment deadlines HMRC latest guidance for employers Strong Customer Authentication August 2019 Off-payroll rules for the private sector Digital Services Tax Insolvency hierarchy changes Private Residence Relief changes Working parents may be eligible for tax-free childcare this summer VAT changes may cause construction chaos Wage growth at a high Updated guidance on spotting HMRC scammers July 2019 Tax gap remains low Preparing the workforce for EU Exit MTD for VAT latest Employer Bulletin - latest guidance New measures to ensure small businesses get paid on time Payment on account confusion UK Investment Support Directory Consultation on the operation of Insurance Premium Tax June 2019 MTD for VAT is now live OTS calls for simplifying everyday tax for smaller businesses HMRC taskforce tackles dishonest dog breeders Forms P11D - reporting employee benefits Welsh taxpayers income tax code mix-up Consultation on Companies House reforms Consultation on ancillary capital gains reliefs Advisory fuel rates for company cars Non-compliance with minimum wage regulations May 2019 Consultation on extension of IR35 rules Government confirms implementation of pensions dashboards 'Springtime' tax scams target young people Latest guidance for employers VAT fuel scale charges Money Laundering 'Flexible extension' to Article 50 Scottish Air Departure Tax plans further delayed April 2019 MTD for VAT Reporting Benefits in Kind - Forms P11D Additional Brexit advisory documents for small businesses Delay to rise in probate fees Update on Structures and Buildings Allowance Call for tax on social media businesses Changes to income tax for 2019/20 HMRC wins disguised remuneration avoidance case
Dividend 2017/18 and 2018/19 March 5, 2021November 28, 2017 by Ron Banerjee Latest News for Business (Archive) March 2023 HMRC sounds warning on new VAT penalties Spring Budget must ease cost pressures on businesses, says BCC Inflation remains close to 40-year high UK economy narrowly avoided recession last year Record 11.7 million tax returns received on time 'Digital pound' likely to launch this decade, says Treasury HMRC urges eligible couples to claim Marriage Allowance Advisory fuel rates for company cars February 2023 Energy bill support for firms to be reduced from April Bank of England raises interest rates to highest level in 14 years Government launches consultation on R&D relief Fewer firms investing in training despite skills shortage UK business confidence plummets to 13 year low Small firms 'facing challenges when applying for financing' BCC warns SME exporters 'under tightening pressure' Pensioners outnumber young people for filing self assessment tax returns January 2023 MTD for ITSA delayed for two more years Tax non-compliance during pandemic Government extends mortgage guarantee scheme Chancellor announces Spring Budget date Bank of England raises base rate Brexit deal not delivering for businesses Plymouth and South Devon freeport gets go ahead Chancellor launches financial sector reforms December 2022 Tax burden rises following Autumn Statement CBI praises Chancellor for 'delivering stability' in Autumn Statement IFS warns of fall in household incomes OECD warns UK on course for biggest economic downturn Auto-enrolment has helped workers save £114 billion into pensions UK businesses anticipate growth in exports Digital Services Tax has raised £358 million Advisory fuel rates for company cars November 2022 Government pushes back economic statement New PM must restore confidence, say business groups Inflation returns to 40-year high FCA warns that eight million are struggling to keep up with bills IoD survey finds UK businesses anticipate growth in exports Self assessment clock ticks down to under 100 days Latest guidance for employers British Business Bank lending now exceeds £12 billion October 2022 Government abandons plan to scrap 45p top rate of income tax Chancellor outlines growth measures at Mini Budget IMF criticises government over tax plans Government caps business energy bills VAT businesses must be ready for Making Tax Digital filing by November SMEs facing recruitment struggles HMRC raises late payment interest from 11 October Action Fraud warns scammers are exploiting cost-of-living crisis September 2022 HMRC releases more details MTD for Income Tax Ofgem raises energy price cap Treasury Committee warns government against 'flying blind' with Emergency Budget Experts warn inflation could keep rising in 2023 Energy firms call for windfall tax to be scrapped by 2025 TUC urges government to raise NMW Report finds decline in the use of cash is easing Advisory fuel rates for company cars August 2022 Recovery Loan Scheme to be relaunched National insurance threshold rises IMF warns UK is set for slowest rate of growth of G7 countries Reform required to combat staff shortages, says BCC IoD calls for extension of capital allowances super-deduction Insurer warns of rise in fraudulent claims amid cost-of-living crisis New finance legislation aims to unlock investments Pandemic-born businesses could add £20.4 billion to UK economy July 2022 MTD for income tax pilot extended HMRC criticised over IR35 implementation Inflation hits 40-year high Bank of England raises UK interest rates to 13-year high NICs increase has immediate impact on businesses Manufacturers call for support package Latest guidance for employers New homeowners warned over tax refund claims June 2022 Chancellor announces windfall tax on energy firms Energy price cap set to rise to £2,800 in October Inflation hits 40-year high Almost 66,500 filed self assessment returns on 6 April New law to protect access to cash announced in Queen's Speech HMRC issues £14 million in penalties for minimum wage offences Advisory fuel rates for company cars Number of firms in critical financial distress rises sharply May 2022 HMRC starts chasing up SEISS overpayments UK government unveils energy strategy Treasury announces it will regulate some forms of cryptocurrency HMRC names avoidance scheme promoters for first time New HMRC one-stop online shop provides taxpayers with tax relief information Export growth is 'stagnant', BCC finds Latest guidance for employers Government inaction on long COVID could cost billions April 2022 Chancellor cuts fuel duty in Spring Statement Business groups give mixed response to Spring Statement OBR updates economic picture MTD for VAT brings in up to an extra £195 million in tax Bank of England raises interest rates for third time in a row UK economic growth to halve this year, warns BCC Student loan repayments for new borrowers to start at £25,000 CMA frees leaseholders from rising ground rents March 2022 Spring Statement 2022 Spring Statement is the time to act, says CBI Coronavirus SSP Rebate Scheme set to close on 17 March Businesses urged to apply for remaining COVID-19 support grants Two freeports planned for Scotland HMRC raises late payment interest rate MPs call for road pricing to replace motoring taxes Over a million take advantage of extra time to file self assessment returns Advisory fuel rates for company cars February 2022 COVID-19 support grants paid to companies must be included on company tax returns Government scheme gives discounts of up to £5,000 on accounting software Claims portal reopens for Statutory Sick Pay Rebate Scheme Consumer group urges taxpayers to avoid using refund firms to claim tax rebates National insurance rise 'set to squeeze budgets', warns CBI No 'convincing case' for digital UK currency, says House of Lords committee Scam HMRC call reports drop by 97% BCC calls for 'urgent action' to improve UK-EU trade January 2022 Chancellor announces £1 billion fund for businesses Self assessment taxpayers must declare COVID grants on tax returns HMRC waives self assessment penalties for one month to ease COVID-19 pressures Scottish Budget 2022 Welsh government delivers Budget FCA to introduce new consumer duty HMRC latest guidance for employers Over 440,000 small firms at risk due to late payment crisis December 2021 HMRC's tax take falls by billions due to pandemic Government sets out tax details on TAM Day Three-day wait for Statutory Sick Pay to return next year HMRC issues warning on self assessment scams New law introduced to help protect pension savers from scammers Services sector continues to recover despite rising costs Advisory fuel rates for company cars Costs 'weighing on businesses' sustainability intentions', FSB finds November 2021 Chancellor delivers Budget to lay foundation for a strong economy Business groups give mixed response to Budget IFS predicts millions to be worse off next year due to tax rises Payment period on residential CGT is doubled FSB warns tax rises threaten recovery from pandemic Applications now open for freeports Pensions experts say a minimum of £10,900 a year needed to retire Heat pump grants worth £5,000 will help replace gas boilers October 2021 Making Tax Digital for Income Tax Self Assessment delayed for a year National Insurance and dividend tax rises announced for social care reform Chancellor to deliver Autumn 2021 Budget on 27 October Chancellor warned of redundancies as furlough scheme ends COVID-19 sick pay rebate scheme closed in September £800 million Reinsurance Scheme opens for live events Government announces plans to make requesting flexible working a day one right British Business Bank provided £80.5 billion of COVID-19 support September 2021 HMRC outlines changes to late payment penalty regime Digital marketplaces to report sellers' incomes from 2023 CIOT warns over stamp duty refund claims Contactless limit to increase to £100 HMRC urges taxpayers to stay alert to digital scams BCC calls for government to extend skills training Advisory fuel rates for company cars Employers 'named and shamed' for paying less than minimum wage August 2021 Consultation launched on self-employed basis period reform The government has published draft Finance Bill clauses Claiming the fifth self-employed Income Support Scheme (SEISS) grant ICAEW urges HMRC to scrap exemptions to simplify VAT rules HMRC updates Salary Sacrifice guidance Data reveals 1.9 million workers remain on furlough Pension scams average losses now over £50,000 Increase in public trust in charities July 2021 Furlough scheme starts to wind down Apprenticeship cash boost Property tax changes HMRC launches 13,000 investigations into COVID-19 support schemes Schemes create one stop shop for VAT on EU trade Over 280,000 families now using Tax-Free Childcare 440,000 tax credit claimants still to renew their claims 800,000 claim tax relief for working from home June 2021 Fifth SEISS grant will be open to claims from late July HMRC's VAT Deferral New Payment Scheme to close this month NIC reliefs set for Freeports Government confirms start date for Plastic Packaging Tax Effectiveness of OTS set to be reviewed by Treasury Trade credit insurance scheme to close Advisory fuel rates for company cars Forms P11D - reporting employee benefits May 2021 Fourth self-employed grant now open for online applications Recovery Loan Scheme opens to businesses Recent changes to IR35 'undermine the self-employed' says IPSE CBI calls for extension of Kickstart Scheme as jobs market remains subdued New 95% mortgage scheme launched New claims required for home working tax relief HMRC sets out penalty regime for SEISS abuse Pension fraud increased to £1.8 million in first quarter of 2021 April 2021 Business rates relief extended with £1.5 billion fund Consultations launched on UK's first Tax Day Government publishes details of Finance Bill 2021 £20 million SME Brexit Support Fund opens for applications HMRC publishes details of final grants for self-employed National Minimum and Living wages increases UK cuts electric vehicle grants by £500 ICAEW urges HMRC to rethink quarterly reports under MTD for corporation tax March 2021 Sunak set out Budget to protect businesses Business groups welcome Budget Late payment penalties for Self Assessment waived until 1 April Online service opens for VAT deferral scheme HMRC clarifies off-payroll rules Domestic VAT reverse charge comes into effect on 1 March Borrowers of Bounce Back loans given six more months for repayments Advisory fuel rates for company cars Spring Budget 2021 February 2021 10.7 million taxpayers submitted their 2019/20 Self Assessment tax returns Rogue employers named and shamed for failing to pay employees the minimum wage Scottish Budget Income Tax Scottish Land and Buildings Transaction Tax Bonus of £1,000 to help businesses take on trainees LITRG calls for a rise in the High Income Child Benefit Charge threshold Government urged by CBI to act on COVID business support ahead of Budget Supreme Court backs small firms on business interruption claims January 2021 Finance Secretary for Scotland outlines spending plans in 2021/22 Scottish Budget Chancellor announces £4.6 billion lockdown grant package Extension of the Job Retention Scheme VAT deferral New action to disrupt promoters of tax avoidance schemes Self assessment deadline approaching Institute of Directors warns Capital Gains Tax rise would adversely affect entrepreneurs Individuals urged to remain vigilant when making festive charitable donations Self-Employment Income Support Scheme December 2020 Get prepared for the end of the Brexit transitional period Virtual Christmas parties will qualify for tax exemption Gifts to employees can be tax-free Minimum Wage Increases from April 2021 Advisory fuel rates for company cars Self assessment taxpayers warned to watch out for scammers posing as HMRC HMRC confirms MTD for corporation tax to be mandated from 2026 £1 million Annual Investment Allowance cap extended November 2020 Furlough scheme extended Increased support made available for the self employed Chancellor approves grants for businesses closed by lockdown Self assessment customers to benefit from enhanced payment plans Taxpayers claim tax relief for working from home Brexit imports and exports ATT issues last call for firms seeking to use increased Annual Investment Allowance Latest guidance for employers October 2020 Job Support Scheme Winter Economy Plan support for the self-employed VAT deferral and enhanced Time to Pay for self assessment Changes to the Bounce Back Loan and Coronavirus Business Interruption Loan Schemes The VAT reverse charge Ministers announce new grants for businesses affected by local lockdowns New trade arrangements with the EU from 1 January 2021 House sales rise following the introduction of stamp duty holiday September 2020 Kickstart Scheme opens for applications Self Employment Income Support Scheme Grants Plastic bag tax charge to be doubled and extended to all retailers More than £30 million lost to pension scams Advisory fuel rates for company cars Eat Out to Help Out - over 64 million meals Self assessment deadlines HMRC latest guidance for employers August 2020 HMRC outlines Job Retention Bonus criteria Treasury sets out next steps for Making Tax Digital Government announces review of business rates scheme Eat Out to Help Out now up and running Scottish government cuts LBTT to help home buyers Wales reduces LTT rate Chancellor asks OTS to review capital gains tax Overclaimed COVID grants July 2020 Chancellor unveils three-point plan for jobs Stamp duty temporarily reduced Flexible furloughing starts on job retention scheme Government expands aid for start-ups and innovators Bank of England increases stimulus package for UK economy FCA confirms further support for consumer credit customers Private sector off-payroll reforms given go ahead for April 2021 Late payment crisis has worsened during coronavirus lockdown June 2020 Chancellor announces changes to Job Retention Scheme COVID-19: delay to VAT reverse charge on construction services Loan size increased to £200 million under large business interruption scheme Future Fund launches to give start-ups coronavirus support Coronavirus Statutory Sick Pay Rebate Scheme goes live Changes to insolvency and company law going through Parliament UK sets out post-Brexit tariff regime MPs open inquiry into £155 billion of tax reliefs May 2020 Government launches small business micro loan scheme Lenders relax evidence requirements for business interruption loan scheme applications Job Retention Scheme goes live HMRC releases guidance for self-employed scheme Government launches support finding tool for business OBR predicts UK economy will shrink by over a third Government borrowing could rise to £300 billion HMRC extends late reporting deadline for CGT April 2020 Chancellor's business support packages for coronavirus pandemic Chancellor unveils help for self-employed workers Regulators request delay in corporate reporting HMRC urges businesses using VAT deferral to cancel direct debits Get ready for 30-day returns and payments for residential property gains New tests and new car benefit percentages HMRC delays introduction of off-payroll rules to private sector Rise in contactless card payment limit March 2020 COVID-19: measures for UK businesses Spring Budget 2020 Coronavirus measure: Statutory Sick Pay from day one Review confirms off-payroll working rules to go ahead from April 2020 IFS calls for Chancellor to raise taxes in upcoming Budget Minimum Wage increases Advisory fuel rates for company cars Don't forget to make tax efficient investments ahead of the tax year end Freeports Additional financial support for flooding victims February 2020 Brexit - transition period Scottish Budget Budget Day 11 March A decade of bizarre excuses and expense claims Off-payroll working Tax relief on professional fees and subscriptions Changes to overdraft fees New right to paid parental bereavement leave January 2020 Chancellor announces Budget date Minimum wage rates announced Review of the Disguised Remuneration Loan Charge Chancellor commits to review of IR35 Retiring clinicians payments Guidance on Structures and Buildings Allowance Call for review of High Income Child Benefit Charge Self assessment deadline approaching Current list of deliberate tax defaulters Welsh government publishes Draft Budget Working off-payroll December 2019 Making sure gifts to employees are tax-free Advisory fuel rates for company cars HMRC offers tips on avoiding Self Assessment tax scams Check employment status for tax tool update Temporary pensions tax arrangement for NHS staff HMRC issues guidance on cryptoassets Latest guidance for employers Research and Development spend November 2019 Budget will not now take place on 6 November Christa Ackroyd loses IR35 appeal Clamp down on enablers of tax avoidance schemes Increase in probate fees abandoned Charities fraud protection failures Guidance for employers HMRC countdown: file your tax return Genuine HMRC contact and recognising phishing emails and texts October 2019 VAT domestic reverse charge for building and construction services delayed Independent review of the Loan Charge Senior clinicians' pensions consultation HMRC collects record amounts of IHT 'Major gaps' in no-deal Brexit guidance Brexit-readiness events for business Experts warning over insolvency debts Money Laundering non-compliance September 2019 Simplify apprenticeship funding HMRC issues Customs EORI numbers Trusts with small amounts of savings income Advisory fuel rates for company cars PAYE late filing and late payment penalties Self assessment deadlines HMRC latest guidance for employers Strong Customer Authentication August 2019 Off-payroll rules for the private sector Digital Services Tax Insolvency hierarchy changes Private Residence Relief changes Working parents may be eligible for tax-free childcare this summer VAT changes may cause construction chaos Wage growth at a high Updated guidance on spotting HMRC scammers July 2019 Tax gap remains low Preparing the workforce for EU Exit MTD for VAT latest Employer Bulletin - latest guidance New measures to ensure small businesses get paid on time Payment on account confusion UK Investment Support Directory Consultation on the operation of Insurance Premium Tax June 2019 MTD for VAT is now live OTS calls for simplifying everyday tax for smaller businesses HMRC taskforce tackles dishonest dog breeders Forms P11D - reporting employee benefits Welsh taxpayers income tax code mix-up Consultation on Companies House reforms Consultation on ancillary capital gains reliefs Advisory fuel rates for company cars Non-compliance with minimum wage regulations May 2019 Consultation on extension of IR35 rules Government confirms implementation of pensions dashboards 'Springtime' tax scams target young people Latest guidance for employers VAT fuel scale charges Money Laundering 'Flexible extension' to Article 50 Scottish Air Departure Tax plans further delayed April 2019 MTD for VAT Reporting Benefits in Kind - Forms P11D Additional Brexit advisory documents for small businesses Delay to rise in probate fees Update on Structures and Buildings Allowance Call for tax on social media businesses Changes to income tax for 2019/20 HMRC wins disguised remuneration avoidance case
Autumn Budget 2017 March 5, 2021November 28, 2017 by Ron Banerjee Latest News for Business (Archive) March 2023 HMRC sounds warning on new VAT penalties Spring Budget must ease cost pressures on businesses, says BCC Inflation remains close to 40-year high UK economy narrowly avoided recession last year Record 11.7 million tax returns received on time 'Digital pound' likely to launch this decade, says Treasury HMRC urges eligible couples to claim Marriage Allowance Advisory fuel rates for company cars February 2023 Energy bill support for firms to be reduced from April Bank of England raises interest rates to highest level in 14 years Government launches consultation on R&D relief Fewer firms investing in training despite skills shortage UK business confidence plummets to 13 year low Small firms 'facing challenges when applying for financing' BCC warns SME exporters 'under tightening pressure' Pensioners outnumber young people for filing self assessment tax returns January 2023 MTD for ITSA delayed for two more years Tax non-compliance during pandemic Government extends mortgage guarantee scheme Chancellor announces Spring Budget date Bank of England raises base rate Brexit deal not delivering for businesses Plymouth and South Devon freeport gets go ahead Chancellor launches financial sector reforms December 2022 Tax burden rises following Autumn Statement CBI praises Chancellor for 'delivering stability' in Autumn Statement IFS warns of fall in household incomes OECD warns UK on course for biggest economic downturn Auto-enrolment has helped workers save £114 billion into pensions UK businesses anticipate growth in exports Digital Services Tax has raised £358 million Advisory fuel rates for company cars November 2022 Government pushes back economic statement New PM must restore confidence, say business groups Inflation returns to 40-year high FCA warns that eight million are struggling to keep up with bills IoD survey finds UK businesses anticipate growth in exports Self assessment clock ticks down to under 100 days Latest guidance for employers British Business Bank lending now exceeds £12 billion October 2022 Government abandons plan to scrap 45p top rate of income tax Chancellor outlines growth measures at Mini Budget IMF criticises government over tax plans Government caps business energy bills VAT businesses must be ready for Making Tax Digital filing by November SMEs facing recruitment struggles HMRC raises late payment interest from 11 October Action Fraud warns scammers are exploiting cost-of-living crisis September 2022 HMRC releases more details MTD for Income Tax Ofgem raises energy price cap Treasury Committee warns government against 'flying blind' with Emergency Budget Experts warn inflation could keep rising in 2023 Energy firms call for windfall tax to be scrapped by 2025 TUC urges government to raise NMW Report finds decline in the use of cash is easing Advisory fuel rates for company cars August 2022 Recovery Loan Scheme to be relaunched National insurance threshold rises IMF warns UK is set for slowest rate of growth of G7 countries Reform required to combat staff shortages, says BCC IoD calls for extension of capital allowances super-deduction Insurer warns of rise in fraudulent claims amid cost-of-living crisis New finance legislation aims to unlock investments Pandemic-born businesses could add £20.4 billion to UK economy July 2022 MTD for income tax pilot extended HMRC criticised over IR35 implementation Inflation hits 40-year high Bank of England raises UK interest rates to 13-year high NICs increase has immediate impact on businesses Manufacturers call for support package Latest guidance for employers New homeowners warned over tax refund claims June 2022 Chancellor announces windfall tax on energy firms Energy price cap set to rise to £2,800 in October Inflation hits 40-year high Almost 66,500 filed self assessment returns on 6 April New law to protect access to cash announced in Queen's Speech HMRC issues £14 million in penalties for minimum wage offences Advisory fuel rates for company cars Number of firms in critical financial distress rises sharply May 2022 HMRC starts chasing up SEISS overpayments UK government unveils energy strategy Treasury announces it will regulate some forms of cryptocurrency HMRC names avoidance scheme promoters for first time New HMRC one-stop online shop provides taxpayers with tax relief information Export growth is 'stagnant', BCC finds Latest guidance for employers Government inaction on long COVID could cost billions April 2022 Chancellor cuts fuel duty in Spring Statement Business groups give mixed response to Spring Statement OBR updates economic picture MTD for VAT brings in up to an extra £195 million in tax Bank of England raises interest rates for third time in a row UK economic growth to halve this year, warns BCC Student loan repayments for new borrowers to start at £25,000 CMA frees leaseholders from rising ground rents March 2022 Spring Statement 2022 Spring Statement is the time to act, says CBI Coronavirus SSP Rebate Scheme set to close on 17 March Businesses urged to apply for remaining COVID-19 support grants Two freeports planned for Scotland HMRC raises late payment interest rate MPs call for road pricing to replace motoring taxes Over a million take advantage of extra time to file self assessment returns Advisory fuel rates for company cars February 2022 COVID-19 support grants paid to companies must be included on company tax returns Government scheme gives discounts of up to £5,000 on accounting software Claims portal reopens for Statutory Sick Pay Rebate Scheme Consumer group urges taxpayers to avoid using refund firms to claim tax rebates National insurance rise 'set to squeeze budgets', warns CBI No 'convincing case' for digital UK currency, says House of Lords committee Scam HMRC call reports drop by 97% BCC calls for 'urgent action' to improve UK-EU trade January 2022 Chancellor announces £1 billion fund for businesses Self assessment taxpayers must declare COVID grants on tax returns HMRC waives self assessment penalties for one month to ease COVID-19 pressures Scottish Budget 2022 Welsh government delivers Budget FCA to introduce new consumer duty HMRC latest guidance for employers Over 440,000 small firms at risk due to late payment crisis December 2021 HMRC's tax take falls by billions due to pandemic Government sets out tax details on TAM Day Three-day wait for Statutory Sick Pay to return next year HMRC issues warning on self assessment scams New law introduced to help protect pension savers from scammers Services sector continues to recover despite rising costs Advisory fuel rates for company cars Costs 'weighing on businesses' sustainability intentions', FSB finds November 2021 Chancellor delivers Budget to lay foundation for a strong economy Business groups give mixed response to Budget IFS predicts millions to be worse off next year due to tax rises Payment period on residential CGT is doubled FSB warns tax rises threaten recovery from pandemic Applications now open for freeports Pensions experts say a minimum of £10,900 a year needed to retire Heat pump grants worth £5,000 will help replace gas boilers October 2021 Making Tax Digital for Income Tax Self Assessment delayed for a year National Insurance and dividend tax rises announced for social care reform Chancellor to deliver Autumn 2021 Budget on 27 October Chancellor warned of redundancies as furlough scheme ends COVID-19 sick pay rebate scheme closed in September £800 million Reinsurance Scheme opens for live events Government announces plans to make requesting flexible working a day one right British Business Bank provided £80.5 billion of COVID-19 support September 2021 HMRC outlines changes to late payment penalty regime Digital marketplaces to report sellers' incomes from 2023 CIOT warns over stamp duty refund claims Contactless limit to increase to £100 HMRC urges taxpayers to stay alert to digital scams BCC calls for government to extend skills training Advisory fuel rates for company cars Employers 'named and shamed' for paying less than minimum wage August 2021 Consultation launched on self-employed basis period reform The government has published draft Finance Bill clauses Claiming the fifth self-employed Income Support Scheme (SEISS) grant ICAEW urges HMRC to scrap exemptions to simplify VAT rules HMRC updates Salary Sacrifice guidance Data reveals 1.9 million workers remain on furlough Pension scams average losses now over £50,000 Increase in public trust in charities July 2021 Furlough scheme starts to wind down Apprenticeship cash boost Property tax changes HMRC launches 13,000 investigations into COVID-19 support schemes Schemes create one stop shop for VAT on EU trade Over 280,000 families now using Tax-Free Childcare 440,000 tax credit claimants still to renew their claims 800,000 claim tax relief for working from home June 2021 Fifth SEISS grant will be open to claims from late July HMRC's VAT Deferral New Payment Scheme to close this month NIC reliefs set for Freeports Government confirms start date for Plastic Packaging Tax Effectiveness of OTS set to be reviewed by Treasury Trade credit insurance scheme to close Advisory fuel rates for company cars Forms P11D - reporting employee benefits May 2021 Fourth self-employed grant now open for online applications Recovery Loan Scheme opens to businesses Recent changes to IR35 'undermine the self-employed' says IPSE CBI calls for extension of Kickstart Scheme as jobs market remains subdued New 95% mortgage scheme launched New claims required for home working tax relief HMRC sets out penalty regime for SEISS abuse Pension fraud increased to £1.8 million in first quarter of 2021 April 2021 Business rates relief extended with £1.5 billion fund Consultations launched on UK's first Tax Day Government publishes details of Finance Bill 2021 £20 million SME Brexit Support Fund opens for applications HMRC publishes details of final grants for self-employed National Minimum and Living wages increases UK cuts electric vehicle grants by £500 ICAEW urges HMRC to rethink quarterly reports under MTD for corporation tax March 2021 Sunak set out Budget to protect businesses Business groups welcome Budget Late payment penalties for Self Assessment waived until 1 April Online service opens for VAT deferral scheme HMRC clarifies off-payroll rules Domestic VAT reverse charge comes into effect on 1 March Borrowers of Bounce Back loans given six more months for repayments Advisory fuel rates for company cars Spring Budget 2021 February 2021 10.7 million taxpayers submitted their 2019/20 Self Assessment tax returns Rogue employers named and shamed for failing to pay employees the minimum wage Scottish Budget Income Tax Scottish Land and Buildings Transaction Tax Bonus of £1,000 to help businesses take on trainees LITRG calls for a rise in the High Income Child Benefit Charge threshold Government urged by CBI to act on COVID business support ahead of Budget Supreme Court backs small firms on business interruption claims January 2021 Finance Secretary for Scotland outlines spending plans in 2021/22 Scottish Budget Chancellor announces £4.6 billion lockdown grant package Extension of the Job Retention Scheme VAT deferral New action to disrupt promoters of tax avoidance schemes Self assessment deadline approaching Institute of Directors warns Capital Gains Tax rise would adversely affect entrepreneurs Individuals urged to remain vigilant when making festive charitable donations Self-Employment Income Support Scheme December 2020 Get prepared for the end of the Brexit transitional period Virtual Christmas parties will qualify for tax exemption Gifts to employees can be tax-free Minimum Wage Increases from April 2021 Advisory fuel rates for company cars Self assessment taxpayers warned to watch out for scammers posing as HMRC HMRC confirms MTD for corporation tax to be mandated from 2026 £1 million Annual Investment Allowance cap extended November 2020 Furlough scheme extended Increased support made available for the self employed Chancellor approves grants for businesses closed by lockdown Self assessment customers to benefit from enhanced payment plans Taxpayers claim tax relief for working from home Brexit imports and exports ATT issues last call for firms seeking to use increased Annual Investment Allowance Latest guidance for employers October 2020 Job Support Scheme Winter Economy Plan support for the self-employed VAT deferral and enhanced Time to Pay for self assessment Changes to the Bounce Back Loan and Coronavirus Business Interruption Loan Schemes The VAT reverse charge Ministers announce new grants for businesses affected by local lockdowns New trade arrangements with the EU from 1 January 2021 House sales rise following the introduction of stamp duty holiday September 2020 Kickstart Scheme opens for applications Self Employment Income Support Scheme Grants Plastic bag tax charge to be doubled and extended to all retailers More than £30 million lost to pension scams Advisory fuel rates for company cars Eat Out to Help Out - over 64 million meals Self assessment deadlines HMRC latest guidance for employers August 2020 HMRC outlines Job Retention Bonus criteria Treasury sets out next steps for Making Tax Digital Government announces review of business rates scheme Eat Out to Help Out now up and running Scottish government cuts LBTT to help home buyers Wales reduces LTT rate Chancellor asks OTS to review capital gains tax Overclaimed COVID grants July 2020 Chancellor unveils three-point plan for jobs Stamp duty temporarily reduced Flexible furloughing starts on job retention scheme Government expands aid for start-ups and innovators Bank of England increases stimulus package for UK economy FCA confirms further support for consumer credit customers Private sector off-payroll reforms given go ahead for April 2021 Late payment crisis has worsened during coronavirus lockdown June 2020 Chancellor announces changes to Job Retention Scheme COVID-19: delay to VAT reverse charge on construction services Loan size increased to £200 million under large business interruption scheme Future Fund launches to give start-ups coronavirus support Coronavirus Statutory Sick Pay Rebate Scheme goes live Changes to insolvency and company law going through Parliament UK sets out post-Brexit tariff regime MPs open inquiry into £155 billion of tax reliefs May 2020 Government launches small business micro loan scheme Lenders relax evidence requirements for business interruption loan scheme applications Job Retention Scheme goes live HMRC releases guidance for self-employed scheme Government launches support finding tool for business OBR predicts UK economy will shrink by over a third Government borrowing could rise to £300 billion HMRC extends late reporting deadline for CGT April 2020 Chancellor's business support packages for coronavirus pandemic Chancellor unveils help for self-employed workers Regulators request delay in corporate reporting HMRC urges businesses using VAT deferral to cancel direct debits Get ready for 30-day returns and payments for residential property gains New tests and new car benefit percentages HMRC delays introduction of off-payroll rules to private sector Rise in contactless card payment limit March 2020 COVID-19: measures for UK businesses Spring Budget 2020 Coronavirus measure: Statutory Sick Pay from day one Review confirms off-payroll working rules to go ahead from April 2020 IFS calls for Chancellor to raise taxes in upcoming Budget Minimum Wage increases Advisory fuel rates for company cars Don't forget to make tax efficient investments ahead of the tax year end Freeports Additional financial support for flooding victims February 2020 Brexit - transition period Scottish Budget Budget Day 11 March A decade of bizarre excuses and expense claims Off-payroll working Tax relief on professional fees and subscriptions Changes to overdraft fees New right to paid parental bereavement leave January 2020 Chancellor announces Budget date Minimum wage rates announced Review of the Disguised Remuneration Loan Charge Chancellor commits to review of IR35 Retiring clinicians payments Guidance on Structures and Buildings Allowance Call for review of High Income Child Benefit Charge Self assessment deadline approaching Current list of deliberate tax defaulters Welsh government publishes Draft Budget Working off-payroll December 2019 Making sure gifts to employees are tax-free Advisory fuel rates for company cars HMRC offers tips on avoiding Self Assessment tax scams Check employment status for tax tool update Temporary pensions tax arrangement for NHS staff HMRC issues guidance on cryptoassets Latest guidance for employers Research and Development spend November 2019 Budget will not now take place on 6 November Christa Ackroyd loses IR35 appeal Clamp down on enablers of tax avoidance schemes Increase in probate fees abandoned Charities fraud protection failures Guidance for employers HMRC countdown: file your tax return Genuine HMRC contact and recognising phishing emails and texts October 2019 VAT domestic reverse charge for building and construction services delayed Independent review of the Loan Charge Senior clinicians' pensions consultation HMRC collects record amounts of IHT 'Major gaps' in no-deal Brexit guidance Brexit-readiness events for business Experts warning over insolvency debts Money Laundering non-compliance September 2019 Simplify apprenticeship funding HMRC issues Customs EORI numbers Trusts with small amounts of savings income Advisory fuel rates for company cars PAYE late filing and late payment penalties Self assessment deadlines HMRC latest guidance for employers Strong Customer Authentication August 2019 Off-payroll rules for the private sector Digital Services Tax Insolvency hierarchy changes Private Residence Relief changes Working parents may be eligible for tax-free childcare this summer VAT changes may cause construction chaos Wage growth at a high Updated guidance on spotting HMRC scammers July 2019 Tax gap remains low Preparing the workforce for EU Exit MTD for VAT latest Employer Bulletin - latest guidance New measures to ensure small businesses get paid on time Payment on account confusion UK Investment Support Directory Consultation on the operation of Insurance Premium Tax June 2019 MTD for VAT is now live OTS calls for simplifying everyday tax for smaller businesses HMRC taskforce tackles dishonest dog breeders Forms P11D - reporting employee benefits Welsh taxpayers income tax code mix-up Consultation on Companies House reforms Consultation on ancillary capital gains reliefs Advisory fuel rates for company cars Non-compliance with minimum wage regulations May 2019 Consultation on extension of IR35 rules Government confirms implementation of pensions dashboards 'Springtime' tax scams target young people Latest guidance for employers VAT fuel scale charges Money Laundering 'Flexible extension' to Article 50 Scottish Air Departure Tax plans further delayed April 2019 MTD for VAT Reporting Benefits in Kind - Forms P11D Additional Brexit advisory documents for small businesses Delay to rise in probate fees Update on Structures and Buildings Allowance Call for tax on social media businesses Changes to income tax for 2019/20 HMRC wins disguised remuneration avoidance case
Changes to flat-rate VAT in more detail with examples March 5, 2021February 15, 2017 by Ron Banerjee Latest News for Business (Archive) March 2023 HMRC sounds warning on new VAT penalties Spring Budget must ease cost pressures on businesses, says BCC Inflation remains close to 40-year high UK economy narrowly avoided recession last year Record 11.7 million tax ret
