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State pension rises 2.5% as pension lock broken
The government has confirmed that the state pension will rise by 2.5% from April 2022, breaking the pension lock as a result of the impact of the pandemic In a busy day in parliament, the minister of state told MPs that this would be a one-year intervention and that...
Tourism and Hospitality Sector VAT Rate Increase
On the 15th July 2020, the Chancellor temporarily reduced VAT for the tourism and hospitality sector from 20% to 5%. Businesses that could take advantage of this rate included: restaurants hot takeaway food non-alcoholic drinks sold in cafes, restaurants, bars, etc...
SEISS Final Grant
The fifth (and final) SEISS grant became available to claim in late July. HMRC should have contacted you if you are eligible. Self-employed traders need not have claimed grants previously to qualify but will be required to confirm that their business continues to be...
Main tax events: August/September
Date What’s Due 1/08 Corporation tax for year to 31/10/20 (unless pay quarterly) 19/08 PAYE & NIC deductions, and CIS return and tax, for month to 5/8/21 (due 22/08 if you pay electronically) 1/09 Corporation tax for year to 30/11/20...
Tax Evasion
Tax Evasion New data shows HMRC opened 102,000 compliance investigations in early 2021, into taxpayers suspected of tax evasion and avoidance, implying they are beginning to scale up enforcement activity against individuals that have underpaid tax. HMRC is working...
Tax Investigations: Deferred Payments
Deferred Payments More than one in four businesses that were allowed to defer tax payments during the spring lockdown last year still owe the Treasury billions. The numbers raise fears that the government will never recoup much of the coronavirus support. HMRC has...
Covid Support Update
Coronavirus Job Retention Scheme (CJRS) The CJRS has been extended until 30 September 2021. From 1 July 2021, the government will pay 70% of wages up to a maximum cap of £2,187.50 for the hours the employee is on furlough. Employers will top up employees’ wages to...
Customs Declaration & Vat Update
Delaying declarations for EU goods brought into Great Britain Businesses can delay sending HMRC full information about goods by up to 175 days before the deadline of 31 December 2021. After that full customs declarations must be made at the point of import for all...
Summer Staff
All workers are legally entitled to be paid the National Minimum Wage (NMW) including temporary seasonal staff. The current rates are: £8.91 - age 23 or over (National Living Wage) £8.36 - age 21 to 22 £6.56 - age 18 to 20 £4.62 - age under 18 £4.30 –...
The Fifth SEISS Grant
The fifth Self-Employment Income Support Scheme (SEISS) grant is different from the previous SEISS grants. If HMRC think you are eligible they will contact you from mid-July to give you a personal claim date. Eligible customers can apply anytime from their personal...
HMRC launches over 12,000 probes into Covid scheme fraud
HMRC has carried out over 12,000 interventions relating to the Coronavirus Job Retention Scheme (CJRS), the Self-Employment Income Support Scheme (SEISS) and Eat Out to Help Out Scheme (EOHO). Such interventions are investigations used to recover funds lost to the...
Beware mini-umbrella company fraud
HMRC are urging businesses to look out for the use of mini-umbrella companies (MUCs) to pay contractors supplying their labour via agencies and other intermediaries. HMRC have identified criminals creating a series of MUCs in order to claim the NIC employment...
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