Companies that signed up to the VAT deferral scheme have been warned they face a five per cent penalty if they do not make payment arrangements by 30 June this year. Over half a million businesses deferred VAT payments last year. HM Revenue & Customs (HMRC) has confirmed that companies will be liable for the …

HMRC unveils penalty regime for VAT deferral scheme Read More »

The impact of the pandemic has been felt in many different ways. Some of the effects have been quite immediate, but now many businesses are starting to see how the events of the last year are affecting their annual business insurance rates as well. Before COVID-19 struck, there were already a number of factors adversely …

Business insurance rates are on the rise Read More »

Businesses looking to reward and retain staff members may wish to consider offering an electric vehicle (EV) salary sacrifice scheme. Not only are many EVs better for the environment, but they could also offer businesses considerable savings. Businesses can use employee salary sacrifice – similar to schemes offered for pension contributions, cycle to work schemes …

Advantages of electric vehicle (EV) salary sacrifice schemes Read More »

A set of consultations on the future of Companies House published in December 2020 include proposals for mandatory digital filing, requirements to tag accountants digitally with IXBRL and shortening filing deadlines to three months for public companies and six months for private companies. The Department for Business and Industrial Strategy (BEIS) is also seeking feedback …

Companies House consultations could see filing deadlines slashed Read More »

Companies House will pause both the voluntary and compulsory strike-off processes for one month from 21 January until 21 February to support businesses affected by COVID-19, it has been announced. The extended measure comes in response to delays to the system caused by the third national lockdown. In a notice to customers, Companies House said …

Voluntary and compulsory strike-off processes paused in response to national lockdown Read More »

Due to the ongoing restrictions of the Government’s Coronavirus response, millions of UK workers continue to work from home. Many may not be aware that they can claim tax relief for additional household costs if they are working from home regularly, either for all or part of the week because of the pandemic. This tax …

Working from home? Don’t forget to claim tax relief Read More »

Register for our free IR35 webinar on Thursday 18 March here. Large and medium-sized businesses now just have a couple of months left to prepare for the changes to the off-payroll working rules (IR35). From 6 April 2021, in most cases, the engager (employer) will be responsible for deciding IR35.  If caught inside IR35, then …

IR35: Businesses must prepare for 6 April changes Read More »

From 1 March 2021, businesses within the Construction Industry Scheme (CIS) must record, report and pay VAT under the new VAT domestic reverse charge rules. This change affects both contractors and subcontractors and the supply of certain kinds of construction services in the UK. Under the new rules, VAT registered subcontractors who provide a service …

VAT Reverse Charge for the Construction Industry Scheme – Are you ready? Read More »

Due to a mismatch of earnings thresholds, basic rate taxpayers may unexpectedly come under the scope of the High Income Child Benefit Charge in April. The Low Incomes Tax Reform Group (LITRG) has issued a warning to families that they may be subject to a tax charge when claiming Child Benefit due to a discrepancy …

Basic rate taxpayers could face ‘high income’ child benefit charge Read More »