The government has cut the Plug-in Car Grant and Van & Truck Grant by £500 and lowered the pricing cap on qualifying electric vehicles. The Department for Transport will now provide grants of up to £2,500 for electric vehicles on cars priced under £35,000. This is a reduction from the current £3,000 available for vehicles… Read more »
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Wednesday 14th of April 2021
UK economy improved in February despite lockdown
The UK economy returned to modest growth in February despite the country being under lockdown but remains sharply below its pre-pandemic peak, according to the Office for National Statistics (ONS). The latest data released by ONS shows that UK GDP rose by 0.4% in February, having shrunk in January. Growth was led by the production… Read more »
Wednesday 14th of April 2021
New claims required for home working tax relief
Employees who are working from home will need to make new claims for tax relief for the 2021/22 tax year, HMRC has stated. From 6 April 2020, employers have been able to pay employees up to £6 a week tax-free to cover additional costs if they have had to work from home. Employees who have… Read more »
Friday 9th of April 2021
Workers benefit from increases in National Minimum and Living wages
UK workers have benefitted from rises in the National Minimum Wage (NMW) and the National Living Wage (NLW) rates that took effect from 1 April 2021. The NMW has risen from £8.20 to £8.36 and the NLW has risen from £8.72 to £8.91. 23 and 24-year-olds are now eligible for the NLW – prior to… Read more »
Friday 9th of April 2021
ICAEW warns SMEs have ‘limited window’ to apply for Brexit grant
The Institute of Chartered Accountants in England and Wales (ICAEW) has warned eligible small and medium-sized enterprises (SMEs) that they have a limited window to apply for a grant under the Brexit Support Fund. SMEs seeking to make use of the Fund only have until 30 June 2021 to apply, the ICAEW stated. It also… Read more »
Friday 9th of April 2021
Start of new tax year ushers in raft of fiscal changes
The 6 April start of the new tax year sees important fiscal and business changes come into effect, including the introduction of the new coronavirus (COVID-19) Recovery Loan Scheme (RLS). The RLS provides financial support to businesses affected by the COVID-19 pandemic. The scheme gives lenders a guarantee of 80% on eligible loans between £25,000… Read more »
Tuesday 6th of April 2021
Over £46 billion borrowed through Bounce Back loans
More than 1.5 million Bounce Back loans have been taken out since the coronavirus (COVID-19) support scheme was launched last May, with borrowing by businesses now over £46 billion, according to the Treasury. The existing loan structure is set to be replaced in April with a new Coronavirus Recovery Loan Scheme, although application details have… Read more »
Tuesday 6th of April 2021
Business rates relief extended with £1.5 billion fund
The government is to extend business rates relief with a £1.5 billion fund targeted at those businesses unable to benefit from the current coronavirus (COVID-19) support. Retail, hospitality and leisure businesses have not been paying any rates during the pandemic as part of a 15 month-long relief which runs to the end of June this… Read more »
Tuesday 6th of April 2021
Government publishes range of consultations to help modernise UK tax system
The government has published a range of tax documents and consultations designed to help modernise the UK tax system. More than 30 policy updates, consultations and documents have been published in an effort to give tax professionals more time to scrutinise them. These documents, which would traditionally have been published at the Budget, include a… Read more »
Wednesday 24th of March 2021
HMRC to accept bulk appeals for late tax returns due to pandemic
Tax agents and accountants will be able to send bulk appeals against late filing penalties for tax returns filed after 28 February due to the coronavirus (COVID-19) pandemic, HMRC has announced. HMRC has already said that penalty notices will not be issued to anyone who was unable to file their 2019/20 self assessment tax return… Read more »