HMRC confirms MTD for corporation tax to be mandated from 2026
In a new consultation HMRC has confirmed that Making Tax Digital for corporation tax (MTD for CT) will not be implemented until 2026 ‘at the earliest’. The consultation considers how…
£1 million Annual Investment Allowance cap extended
The Treasury has confirmed that the £1 million cap on the Annual Investment Allowance (AIA) is to be extended for an additional year as the government continues to look at…
Virtual Christmas parties will qualify for tax exemption
HMRC has confirmed that they will accept a virtual Christmas party as an event which is capable of falling within the tax exemption rules for annual functions. The Association of…
National living wage increase
The government has today announced the national living wage (NLW) and national minimum wage (NMW) rates which will come into force from April 2021. What are they? The NLW will…
Chancellor approves grants for businesses closed by lockdown
Chancellor Rishi Sunak has announced approved additional funding for cash grants to support businesses required to close in England due to the lockdown. Those businesses affected will be eligible for…
Latest guidance for employers
HMRC has published the latest issue of the Employer Bulletin. The October issue has information on various topics including: coronavirus support schemes and what employers need to do from November…
Brexit imports and exports
From 1 January 2021, the UK will operate a full external border with the EU, which will entail major changes for imports and exports to and from the trading bloc….
54,800 customers claim tax relief for working from home
HMRC has received more than 54,800 claims from taxpayers using a new online portal which allows workers to claim tax relief for working at home. From 6 April 2020, employers…
Self assessment customers to benefit from enhanced payment plans
Self assessment taxpayers are now able to benefit from enhanced payment plans and can apply online for additional support to help spread their tax bill into monthly payments. The online…
Increased support made available for the self employed
The government has increased the support available to self-employed workers and extended its emergency business loan schemes as the UK heads for a second national lockdown. On 5 November Rishi…
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