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The VAT Reverse Charge for the Construction Industry Scheme – Are you ready?

From 1 March 2021, businesses within the Construction Industry Scheme (CIS) must record, report and pay VAT under the new VAT domestic reverse charge rules. This change affects both contractors and subcontractors and the supply of certain kinds of construction…

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Basic rate taxpayers could face ‘high income’ child benefit charge

Due to a mismatch of earnings thresholds, basic rate taxpayers may unexpectedly come under the scope of the High Income Child Benefit Charge in April. The Low Incomes Tax Reform Group (LITRG) has issued a warning to families that they…

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Calculating Coronavirus Job Retention Scheme claims for annually paid directors

Small company directors that were not able to claim under the Coronavirus Job Retention Scheme (CJRS) because they paid themselves an annual salary in March 2020 may now be eligible to claim under the scheme. Many directors missed the cut-off…

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HMRC waives penalties for Self-Assessment returns filed by 28 February – but payment deadline remains

HM Revenue & Customs (HMRC) has announced that any Self-Assessment taxpayers who miss the 31 January 2021 tax return deadline will not receive late filing penalties if they file online by 28 February 2021, although the 31 January 2021 payment…

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Only a few days are left to submit applications for the third SEISS grant

Any applications for the latest round of the Self Employment Income Support Scheme (SEISS) must be submitted by the deadline on 29 January 2021. This grant offers a taxable support payment equal to 80 per cent of the average of…

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Requests for exemption from publication of furlough claims must be submitted by Monday 25 January

HM Revenue & Customs (HMRC) has confirmed that the final deadline for employers to request an exemption from the publication of furlough claims will be this coming Monday 25 January 2021. Shortly after it was announced in the autumn that…

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Insurance industry to pay out on COVID-19 business interruption claims

More than 370,000 small businesses in England and Wales could be due a payout on their business interruption insurance after the Supreme Court ruled in favour of payments being made on previously refused claims and policies. A number of insurers…

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Are you making full use of the Government’s COVID-19 financial support package?

Download our latest guide to make sure you are taking advantage of the support on offer As we enter yet another national lockdown, businesses may be concerned about their ability to survive and succeed in the weeks and months ahead.…

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VAT – Post-Brexit arrangements

The latest guidance on VAT on imports and services to and from the EU is complex and businesses need to account for this in their trading. To help we have provided a brief summary below, but we highly recommend you…

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FSB proposes move to turn Covid emergency debt into shared ownership schemes

The Federation of Small Businesses (FSB) is calling on the Government to introduce new measures to help companies struggling with COVID-related debt, including employee shared ownership. The FSB has said that businesses are facing “unmanageable” levels of Coronavirus debt –…

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