Author Archives: Anna Cummings

Comments Off on VAT-registration and deregistration thresholds frozen until 2024/25

VAT-registration and deregistration thresholds frozen until 2024/25

VAT-registration and deregistration thresholds frozen until 2024/25

The Treasury has frozen the UK’s VAT thresholds for a further two years in a bid to start repairing tattered public finances following COVID-19. Businesses with annual taxable turnover of more than £85,000 have to register for UK VAT and file digital VAT returns through compatible software. This VAT-registration threshold for 2021/22 remains at £85,000 … Continued

Comments Off on Treasury issues guidance on the final two self-employed grants

Treasury issues guidance on the final two self-employed grants

Treasury issues guidance on the final two self-employed grants

More help for the self-employed has been announced, with the final two income support grants available until the end of September 2021. The fourth taxable grant available through the self-employed income support scheme (SEISS) covers a three-month period from 1 February to 30 April 2021. As with two of the previous SEISS grants, the fourth … Continued

Comments Off on New recovery loan scheme replaces previous COVID-19 loans

New recovery loan scheme replaces previous COVID-19 loans

New recovery loan scheme replaces previous COVID-19 loans

All UK businesses can access loans and other finance of up to £10 million each, following the end of COVID-19 loan schemes. Both business interruption loans – for large firms and SMEs – and bounce-back loans officially closed on 31 March 2021. Firms that received financial support from any of those schemes can apply for … Continued

Comments Off on Three-month extension for business rates holiday in England

Three-month extension for business rates holiday in England

Three-month extension for business rates holiday in England

The year-long business rates holiday in England has been extended for another three months, until the end of June 2021. Eligible retail, hospitality and leisure businesses will then pay a third of their normal charge for the rest of the financial year. A maximum discount of £2 million is available to non-essential retail firms that … Continued

Comments Off on Record number miss self-assessment filing deadline due to COVID-19

Record number miss self-assessment filing deadline due to COVID-19

Record number miss self-assessment filing deadline due to COVID-19

Around 1.8 million taxpayers missed the 2019/20 deadline for self-assessment on 31 January 2021, according to figures published by HMRC. The tax authority revealed 1,790,368 people failed to beat the midnight deadline, almost double last year’s total of 958,296. HMRC attributed the spike in the number of personal taxpayers missing this year’s midnight deadline – … Continued

Comments Off on Changes to prompt-payment code aim to end late payments

Changes to prompt-payment code aim to end late payments

Changes to prompt-payment code aim to end late payments

Thousands of small businesses that face severe cashflow problems due to late payments stand to benefit from changes to the prompt-payment code. The Government has strengthened the prompt-payment code so that 95% of invoices from smaller suppliers must be paid within 30 days from 1 July 2021. This has been halved from the current 60 … Continued

Comments Off on Personal allowance and higher-rate threshold to increase 0.5%

Personal allowance and higher-rate threshold to increase 0.5%

Personal allowance and higher-rate threshold to increase 0.5%

A 0.5% increase to the personal allowance and higher-rate of income tax will be in place from 6 April 2021, according to the Treasury. Both thresholds will increase in line with the Consumer Prices Index (CPI) rate of inflation figure for September 2020, which was 0.5%. This means the personal allowance will increase from £12,500 … Continued

Comments Off on Opt-in to VAT deferral new payment scheme by 31 March 2021

Opt-in to VAT deferral new payment scheme by 31 March 2021

Opt-in to VAT deferral new payment scheme by 31 March 2021

Businesses that deferred paying VAT between 20 March 2020 and 30 June 2020 do not need to pay the full amounts by the end of this month. VAT-registered firms were not required to make VAT payments during this deferral period, and initially had until 31 March 2021 to pay any liabilities. However, the Government’s winter … Continued

Comments Off on Advisory Fuel Rate for Company Cars from 1 March 2021

Advisory Fuel Rate for Company Cars from 1 March 2021

Advisory Fuel Rate for Company Cars from 1 March 2021

These are the suggested reimbursement rates for employees’ private mileage using their company car from 1 March 2021. Where there has been a change the previous rate is shown in brackets. Engine Size Petrol Diesel LPG 1400cc or less 10p     7p 1600cc or less   9p (8p)   1401cc to 2000cc 12p (11p) … Continued