• 27 July, 2021

    Tax Penalties

    The way HMRC calculates tax penalties is about to change. The changes will initially apply to VAT and Income Tax Self Assessment (ITSA). HMRC say this is to make tax penalties 'fairer and more consistent across taxes'. When Do Tax Penalties... read more

  • 13 July, 2021

    SEISS Grants Auto-correct

    Auto-correct activated From 19 June 2021 HMRC has been automatically correcting 2020/21 tax returns where the total amount of SEISS grants reported doesn’t match their records. It will then take them a while to process all of the tax returns submitted... read more

  • 3 May, 2021

    Recovery Loan Scheme

    A new Recovery Loan Scheme was launched 6 April 2021, to provide much needed liquidity to businesses affected by COVID lockdown measures. Under the scheme, loans of up to £10m are available. The minimum facility sizes vary, starting at £1,000... read more

  • 6 April, 2021

    loss relief carry back extension

    HMRC have announced a temporary extension of loss relief carry-back for both companies, sole traders and partnerships, as many businesses across the UK are likely to make losses in the 2020-21 tax year due to the havoc resulting from COVID... read more

  • 4 March, 2021

     2021 Budget Summary

    More has been disclosed or leaked, of the 2021 Budget announcements than in previous years. But we now have the details and there is a lot to consider. The following 2021 Budget summary is split into four sections:COVID-19 related... read more

  • 24 February, 2021

    Pay As You Grow for Bounce Back Loans

    The Treasury has advised banks that provide Bounce Back Loans to offer a more flexible approach regarding repayments, called Pay as You Grow,  which is good news for small businesses.Pay As You Grow (PAYG)The new Pay As You Grow rules... read more

  • 17 February, 2021

    Tax Payment Plan

    If you cannot pay your tax bill then you can set up a tax payment plan with HMRC if you owe Self Assessment tax. If your bill is less than £30,000 you may be able to pay in monthly instalments. If... read more