The Government have extended the £1 million AIA tax break to stimulate investment in UK manufacturing – are you making use of your annual investment allowance?

Does you business deal with Plant & Machinery? If yes are you making use of your annual investment allowance?

If your business deals with plant and machinery, you might be entitled to use your Annual Investment Allowance (AIA). You could claim up to 100% tax relief on any qualifying plant and machinery assets in the first year of purchase, that are bought outright – not leased. The criteria for these assets are quite rigorous, and exclude cars, but it’s worthwhile checking with your accountant to see if your business qualifies.

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No late filing penalty if your tax return is filed online by 28 February 2021

HMRC to waive self assessment penalties for one month – HMRC Chief Executive Jim Harra has announced today that If you do not manage to file your Self Assessment tax return online by 31 January you will NOT receive a penalty as long a you file your tax return online by 28 February.

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Confused about the COVID19 support grants available to you? Check out what is available, if you are eligible and how to apply here

This guide will help you understand the full range of business support measures that have been made available by the Government to help you and your business financially during Covid19. Plus find out how to access the support measures that have been made available (who is eligible) and how to apply.

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COVID19: Supreme Court backs small firms over business interruption insurance claims

The insurance industry and consumers throughout the UK have been waiting for today’s ruling since the early days of the COVID19 pandemic – the final ruling on the appeal of the Financial Conduct Authority (FCA)’s business interruption case. The Supreme Court livestreamed its judgement today, substantially allowing the FCA’s and the Hiscox Action Group (HAG)’s appeal and dismissing insurers’ appeals.

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New one-off Lockdown grant just announced (on top of the discretionary grant funding for Local Authorities & Local Restriction Support Grants & Furlough) – could be worth up to £9k

Businesses in the retail, hospitality and leisure sectors are to receive a one-off Lockdown grant on top of grants already being paid out. This is in addition to the discretionary grant funding for Local Authorities & Local Restriction Support Grants & extension to Furlough.

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Have you been required to work from home, even for one day since 6 April 2020? Then you may be entitled to claim for expenses for the whole of the 2020-21 tax year

You have always been able as an employee to claim expenses for working from home if your employer requires you to work at home. This has become much more relevant during the 2020/21 tax year due to the COVID-19 pandemic. HMRC has confirmed that claims from employees working at home due to coronavirus measures, if their usual workplace is closed, count as working from home for tax purposes.

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Why Resilience is a critical quality that we all need to develop

According to legend, Thomas Edison made thousands of prototypes of the light bulb before he finally got it right. Yet despite dealing with ‘failure’ throughout his life he never let it get the better of him. “I have not failed. I have just found 10,000 ways that won’t work”. His resilience gave us some of the world’s most amazing inventions such as the phonograph, the telegraph and the motion picture.

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Further Furlough Guidance for Claim Periods from 1st November 2020 – CJRS

The government has published further guidance regarding the extended furlough scheme today (11th November 2020). The basic workings of The Coronavirus Job Retention Scheme have not changed – the scheme will remain open until 31 March 2021. From 1 November 2020 you can claim 80% of an employee’s usual salary for hours not worked, up to a maximum of £2,500 per month.

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Two further SEISS Grants available for sole traders whose business has been negatively affected by Covid19

The Self-Employment Income Support Scheme grant extension provides critical support to the self-employed in the form of 2 further grants, each available for 3 month periods. Grant 3 covering November 2020 to January 2021 and Grant 4 February 2021 to April 2021.

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