If you run a business, or are an investor or a trustee, it is important that you are aware of important dates and deadlines. Failure to do so can result in HMRC issuing penalties for late payment. Normally, late filing penalties are applied to all returns due on but filed after the 31 January deadline. This year, like last year, HMRC are waiving late filing penalties for Self-Assessment taxpayers for a month, giving you extra time, if you need it, to complete your 2020/21 tax return and pay any tax due. Self Assessment late payment penalties waived – more information below.Continue reading
Rishi Sunak has announced that £1 billion of additional support will be available for businesses most affected by Omicron across the UK with businesses in the hospitality and leisure sectors in England eligible for one-off grants of up to £6,000 per premises. Plus more discretionary funding will be made available for local authorities to support other businesses
What additional financial support is being made available?Continue reading
Corporation tax is a huge source of revenue for the Government. Collected by the Government from the profits of companies operating in the UK and it is changing. (The profits of unincorporated businesses, sole traders and partnerships are subject to income tax as opposed to corporation tax)Continue reading
The Kickstart Scheme extension gives employers until 17th December 2021 to submit the Kickstart Grant application, and recruitment activities upto to 31st March 2022Continue reading
The Chancellor Rishi Sunak presented his third Budget on 27 October 2021. In his speech he set out the plans to “build back better” with ambitions to level up and reduce regional inequality. Find out how the Budget impacts on you and your business belowContinue reading
The Autumn Budget (the second budget of the year) will be delivered this Wednesday, 27th October and comes on the same day as the Spending Review which sets out how government will fund public services for the next three years.Continue reading
We are so pleased to welcome Carter to HB team as our Junior Finance Team Assistant. Carter has joined us for 6 months on the government’s Kickstart Scheme, which provides funding to create new jobs for 16-24 year olds.
Carter has recently secured his A Levels and decided to pursue training, rather than heading off to University. When he has lots of valuable experience under his belt, Carter hopes to find an Apprenticeship scheme or a role that will allow him to develop his natural numeracy skills.Continue reading
The SEISS fifth grant period ends today as does the furlough scheme, with employers having until 14 October to submit a claim for the latter – as does the VAT reduction for hospitality and tourism to 5%, which will see an increase to 12.5
The ICAEW have issued a handy timeline for the remaining schemes.
Two forms of data are shown in the chart: how much money has been spent or lent on each scheme so far, and each scheme’s end date.
The chart does not include all of the support measures provided by the government or the Bank of England to businesses and individuals, for example the £20 a week uplift in universal credit to those on low incomes that also comes to an end on 30 September or the corporate finance lending facilities provided by the Bank of England to very large businesses.Continue reading
MTD ITSA has been delayed by the government to 6 April 2024 – MTD for general partnerships postponed until to 2025 – the change to the tax year basis has also been delayed until at least April 2024
Another deferral to the MTD programmeContinue reading
A new health and social care tax will be introduced across the UK to pay for reforms to the care sector and NHS funding in England. It will raise £36bn for front line services over the next three years.Continue reading