HMRC has confirmed that the penalty regime for non-payment of VAT due to the deferred VAT scheme introduced at the start of the pandemic is now in place
A financial penalty may be charged if you did not take any action to pay your deferred VAT in full, or failed to make an arrangement to pay by the deadline of 30 June 2021.
Changes to the Coronavirus Job Retention Scheme from August
From 1 August to 30 September (when the scheme closes), the UK Government will pay 60% of employees’ usual wages for hours not worked, up to a cap of £1,875.
EXTENDED LOSS CARRY BACK MEASURE EXTENDED!
The Extended Loss Carry Back measure announced in the Spring Budget 2021, enables companies to make claims to carry back losses for a further two years than current rules allow.
The 5th SEISS Grant
“To claim the fifth SEISS grant, most customers need to tell us about their turnover for a 12-month period between April 2020 and April 2021, and their turnover for a previous year.
FURLOUGH IS CHANGING..
. By designating employees as “furloughed”, employers have been able to recover a portion of employee wage costs up to a £2500 cap.
CLAIMING R & D? YOU MAY WANT TO READ THIS: Updated R&D rules fight fraud and abuse
HMRC recently announced changes to the criteria for the research and development (R&D) tax credits scheme.
HMRC to waive self assessment penalties for one month
More than 8.9m customers have already filed their tax return. HMRC is encouraging anyone who has not yet filed their tax return to do so by 31 January, if possible.
HMRC FACTS
£33 Billion is the estimated tax gap between what HMRC should collect and what it does collect.
Setting Up Your Business
Robert Selley can guide you through setting up a new business and help you decide on the structure of the business.
Understanding Tax Laws
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