Chancellor Rishi Sunak set out a Budget to protect businesses through the pandemic, fix the public finances and begin building the future economy. The Chancellor once again pledged to do ‘whatever it takes’ during the coronavirus (COVID-19) pandemic and confirmed that the furlough scheme would be extended until September to support jobs through the crisis…. Read more »
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Thursday 4th of March 2021
2021 Budget – the economic picture
Within his Budget speech, Chancellor Rishi Sunak unveiled billions in financial support for businesses and families adversely affected by the coronavirus (COVID-19) pandemic. The Chancellor confirmed the extension of a number of COVID-19 support schemes, including the Coronavirus Job Retention Scheme (CJRS), which will now run until September, and the Self-employment Income Support Scheme (SEISS),… Read more »
Thursday 4th of March 2021
2021 Budget – the political reaction
Addressing the House of Commons, Chancellor Rishi Sunak used the 2021 Budget to ‘do whatever it takes’ to financially support people and business as the UK recovers from the coronavirus (COVID-19) pandemic. However, Labour Party leader Keir Starmer stated that the Chancellor delivered a Budget that merely ‘papered over the cracks rather than rebuilding the… Read more »
Thursday 4th of March 2021
2021 Budget – the business reaction
Business groups have responded to Chancellor Rishi Sunak’s 2021 Budget speech. The Confederation of British Industry (CBI) stated that the Budget ‘succeeds strongly in protecting the economy now and kickstarting recovery’ from the coronavirus (COVID-19) pandemic. Tony Danker, Director General of the CBI, said: ‘The Chancellor has gone above and beyond to protect UK businesses… Read more »
Wednesday 3rd of March 2021
Committee calls for Chancellor to outline plans for tax reform
The Treasury Committee has urged Chancellor Rishi Sunak to outline plans for a long-term tax strategy to help the UK economy recover from the coronavirus (COVID-19) pandemic. In a new report, the Committee stated that public finances are ‘on an unsustainable long-term trajectory’ as a result of projections of rising age-related spending based on existing… Read more »
Wednesday 3rd of March 2021
Online service for VAT deferral scheme opens
Over half a million businesses that deferred VAT payments last year can now join the new online VAT Deferral New Payment Scheme to pay it in smaller monthly instalments, HMRC has announced. To take advantage of the new payment scheme businesses will need to have deferred VAT payments between March and June 2020 under the… Read more »
Wednesday 3rd of March 2021
Late payment penalties for self assessment waived until 1 April
Self assessment taxpayers will not be charged a 5% late payment penalty if they pay their tax or set up a payment plan by 1 April, HMRC has announced. The payment deadline for self assessment is 31 January and interest is charged from 1 February on any amounts outstanding. Normally, a 5% late payment penalty… Read more »
Thursday 25th of February 2021
HMRC clarifies off-payroll rules
HMRC has published a briefing on its approach to the changes to off-payroll working rules, commonly known as IR35, which will be introduced on 6 April 2021. Reiterating its advice from last year, HMRC has confirmed that it will not issue penalties for inaccuracies in the first 12 months of the regime, unless there is… Read more »
Thursday 25th of February 2021
Domestic VAT reverse charge comes into effect on 1 March
The twice-delayed introduction of the domestic VAT reverse charge for construction services will come into effect on 1 March 2021. The change was originally scheduled to come into effect from 1 October 2019 but was deferred for 12 months after industry bodies highlighted concerns about the lack of preparation and the impact on businesses. It… Read more »
Thursday 25th of February 2021
More support needed to help businesses once lockdown lifts
Business groups have called on the government to extend its coronavirus (COVID-19) support through to the end of the roadmap for lifting lockdown restrictions. The roadmap will see all pupils in England’s schools return to class from 8 March. Meanwhile, shops, hairdressers, gyms and outdoor hospitality, as well as self-contained holiday accommodation, can re-open on… Read more »