It has been confirmed that self-employed workers will now be waiting until budget day on 3 March, to find out what to expect from the fourth SEISS grant. The fourth SEISS grant delay means that millions of self-employed workers will now face further financial uncertainty. A fourth Self Employed Income Support Scheme (SEISS) grant has been expected since October from the Chancellor, to support self-employed...
The government launched its youth employment Scheme last September as part of their ‘Plan for Jobs’ worth £2bn, but lockdown has delayed Kickstart. The scheme aims to provide fully subsidised, six month job placements for 16 – 24 year olds, plus set-up costs, training and support to help young employees move into sustained employment. Since lockdown has delayed Kickstart, only 1,868 young people have begun...
The Confederation of British Industry (CBI) has called upon the Chancellor for an emergency £7.6bn injection from the Treasury, because the economy cannot wait until budget day, due to the latest lockdown in the UK. The CBI which is the UK’s leading employers’ organisation, has warned Rishi Sunak that businesses cannot afford to wait for several weeks until budget day on 3 March, to secure...
Self Assessment Deadline Extension Article Amended on 25 January On 25 January HMRC announced that self-assessment customers will not receive a penalty for their late online tax return if they file by 28 February. Taxpayers are still obliged to pay their bill by 31 January. Interest will be charged from 1 February on any outstanding liabilities. Taxpayers who cannot afford to pay their tax bill...
The Government has announced the National Living Wage (NLW) and National Minimum Wage (NMW) rates which will come into force from April 2021. It accepted in full recommendations made by the Low Pay Commission at the end of October. The Low Pay Commission (LPC) is an independent public body that advises the Government each year on the National Minimum Wage (NMW) and National Living Wage...
We can expect major tax reform in the new year as we head towards a new economic climate. The Treasury is clamouring to answer how will the government manage the £300bn deficit? Which is forecast for the current fiscal year. As we bear witness to the unfolding financial crisis resulting from the pandemic, tax reform is becoming increasingly necessary. Tax reform could provide the Treasury...
Government Review Urges Major Overhaul of Capital Gains Tax Throughout the pandemic outbreak of Covid 19 during 2020 there has been much speculation around how HM government will manage the soaring deficit. Unprecedented government spending to combat the coronavirus has sent the accumulated borrowing for the first five months of the fiscal year to almost £174bn. The highest level for the period since the Office...
Furlough Scheme Extended and Further Economic Support Announced The Coronavirus Job Retention Scheme has been extended for a month with employees receiving 80% of their current salary for hours not worked and further economic support announced. The Chancellor announced that businesses across the UK will be provided with additional financial support due to the government‘s latest plan for the next phase of its response to...
The Construction Industry Scheme (CIS) VAT reverse charge will come into force on 1st March 2021. The CIS VAT reverse charge was due to commence in October 2019, but this was delayed twice, firstly as a result of Brexit and then the outbreak of COVID-19. The construction industry reversed charge will apply to supplies of construction work in the UK. When the reverse charge applies...
Small businesses in England can access £20m of funding via a professional services grant, which includes accountancy advice. Since the recent announcement of the new winter economy plan, which replaces the autumn budget due to unprecedented economic uncertainty due to COVID-19, we have a clearer understanding of the government’s predictions for the UK’s economy over the coming months. Ministers say they have introduced one of...
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