The government has tabled amendments to the capital allowances super-deduction in Finance Bill 2021. Chancellor Rishi Sunak used the 2021 Budget to announce temporary capital allowances. These provide an increased incentive to invest in plant and machinery. The new super-deduction allows companies investing in qualifying new plant and machinery to benefit from new first-year capital… Read more »
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Tuesday 1st of June 2021
NIC reliefs set for Freeports
Freeport operators will be able to take advantage of a zero rate of secondary national insurance contributions (NICs) for employees, the government has announced. The National Insurance Contributions Bill, which legislates reliefs for those operating in Freeports, has now been published. The Bill confirms that from April 2022, organisations with employees spending 60% or more… Read more »
Tuesday 1st of June 2021
HMRC’s VAT Deferral New Payment Scheme to close in June
Businesses that deferred VAT payments last year have one month left to join online and pay in monthly instalments under the VAT Deferral New Payment Scheme, HMRC has confirmed. The online portal for the new payment scheme will close on 21 June 2021. Over half a million businesses deferred £34 billion in VAT payments due… Read more »
Thursday 20th of May 2021
UK unemployment rate falls to 4.8% in March
The UK’s unemployment rate fell slightly to 4.8% in the three months to March despite the country still being in lockdown, according to the Office of National Statistics (ONS). It is a drop from the 4.9% rate recorded by the ONS in February. The number of payroll employees increased for a fifth consecutive month in… Read more »
Thursday 20th of May 2021
HMRC received 91,000 calls to report fraud in first months of pandemic
Data published by insurer PfP has revealed that HMRC received 91,000 calls to report instances of fraud in the first nine months of the coronavirus (COVID-19) pandemic. PfP stated that many calls were to report abuse of the government’s Eat Out to Help Out scheme, and others were to log allegations of furlough fraud. The… Read more »
Thursday 20th of May 2021
Government confirms start date for Plastic Packaging Tax
The UK government has confirmed that its plastic packaging tax (PPT) will come into force on 1 April 2022. The PPT was announced in the Spring Budget and will be charged at a rate of £200 per metric ton of chargeable plastic packaging components of a single specification. It will apply to plastic packaging manufactured… Read more »
Friday 14th of May 2021
Record level of Apprenticeship Levy funds expired in 2020, research finds
Research carried out by manufacturers’ organisation Make UK has revealed that a record level of Apprenticeship Levy funds expired in 2020 without being spent by businesses. The research revealed that £1,039 million in Levy funds expired in the nine months from May 2020 without being spent by firms. Expired funds cannot be used. Make UK… Read more »
Friday 14th of May 2021
Businesses planning to adopt ‘hybrid’ working after easing of COVID restrictions
A survey carried out by the Institute of Directors (IoD) has found that businesses are planning to adopt so-called ‘hybrid’ working once the coronavirus (COVID-19) lockdown restrictions are fully lifted. The survey of 600 business leaders revealed that 63% of firms intend to shift towards one to four days of remote working per week. One… Read more »
Friday 14th of May 2021
Next step of roadmap out of lockdown to take effect from 17 May
From 17 May, indoor hospitality businesses are permitted to re-open and households will be allowed to mix as the next step of the government’s roadmap out of the latest coronavirus (COVID-19) lockdown takes effect. Under the next stage of the government’s roadmap for lifting England’s lockdown, pubs, restaurants and other hospitality venues are set to… Read more »
Friday 14th of May 2021
CBI calls for more clarity on COVID-19 roadmap
The government must provide further details on its roadmap out of lockdown to bolster the economic recovery, says the Confederation of British Industry (CBI). At present, social distancing guidelines mean only two-thirds of employees can physically work on premises, and firms are operating at 81% of pre-pandemic capacity, according to a CBI survey. Consequently, without clarity on the future direction of travel for some… Read more »