As most drivers of a company car will be aware, if you have any private use of the vehicle this will result in a significant Income Tax charge. The benefit charge is the way that HMRC levy tax on this... read more

In its 2021 Budget the government announced that a fifth and final Self Employed Income Support Scheme (SEISS) grant would be made available for the period from 1 May 2021 to 30 September 2021. The online service to claim this has... read more

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

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

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

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

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