Knowledge

If you’re self-employed, your business will rack up various running costs throughout 2021/22. Some of those you’re able to deduct as allowable expenses.

The deadline approaches for SME Brexit support grant, employers are reminded to issue childcare vouchers and HMRC seeks to remove VAT repayment supplement.

COVID-19 prompts high demand for UK holidays and many people are planning to enjoy domestic holidays this summer.

HMRC brings in four new measures affecting the construction industry scheme cracking down on tackling abuse of the scheme, VAT-Registered firms start using digital links under MTD and workplace pension contributions bounce back after slump.

What’s changing for the new tax year?

The Treasury has frozen the UK’s VAT thresholds for a further two years in a bid to start repairing public finances following COVID-19, the year-long business rates holiday in England has been extended for another three months and new recovery loan scheme replaces previous Covid-19 loans.

Businesses that deferred paying VAT between 20 March 2020 and 30 June 2020 do not need to pay the full amounts by the end of this month and record number miss Self-Assessment filing deadline due to Covid-19.

On 3 March 2021 the Chancellor of the Exchequer delivered his second Budget. Here we pull together the main highlights...

Businesses offered new government grants of up to £9,000, the furlough scheme is extended until the end of April 2021 and retailers experienced their worst annual sales performance since records began.

HMRC issues last reminder for 2019/2020 personal tax returns, annual investment allowance remains at £1M until 2022 and national living wage set to increase alongside age threshold fall.

VAT registered traders urged to prepare for life post Brexit, the furlough scheme is extended and self employed fear tax returns may affect fourth SEISS claim.

The economic damage of Covid-19. Chancellor declares “economic emergency”.