Furlough: Final month Table of Contents How to best use the final month of furlough to plan for the future? Half of aviation and tourism staff still on furlough The latest coronavirus job retention scheme (CJRS) figures show that 58% of passenger air transport and 49% of travel agency staff were still on furlough at…
Advisory Fuel Rates (AFR) – September 2021 Table of Contents Overview of Advisory Fuel Rates (AFR) HMRC has published the latest advisory fuel rates (AFR) for company car users, effective from 1 September 2021, increasing mileage rates by 1p for all petrol and diesel vehicles. The advisory fuel rates that apply from 1 September 2021…
Fraud: Convictions & sentences – 31 August 2021 Table of Contents Tax fraudster ordered to repay £5.5m A North East Engineering company boss who was jailed for eight years for tax fraud has been ordered by the court to pay back around £5.5m within three months or face 10 years in prison Company director was…
Penalty suspension for late filed accounts has ended Companies House has updated its Covid-19 guidance for its customers and has ended payment breaks for late filing penalties UK registered private companies, public companies, and limited liability partnerships (LLP) will once again be given an automatic penalty when they file their accounts later than the…
Tax free earnings for teenagers capped at £1,000 Thousands of young people who have finished their exams need to be aware that they may have to declare income to the tax man and pay National Insurance contributions on summer jobs Teenagers who want to make money after finishing their examinations have traditionally turned to…
Super deduction extension for landlords Landlords can now take advantage of the most enticing tax incentive for business investment that the British government has ever offered, but they must act quickly. Any investments a business makes in ‘main rate plant and machinery’ will be eligible for a 130% capital allowance deduction for two years beginning…
Stamp duty on property sales hits £2.8bn The end of the stamp duty land tax (SDLT) holiday on 30 June for the £250,000 to £500,000 price banding caused a substantial rise in the number of transactions completed in June as purchasers tried to complete to avoid paying additional stamp duty. Property sales totaled 198,240 in…
Employers named & shamed for paying less than minimum wage The government has named and shamed 191 employers for underpaying employees, including well-known brands, after they failed to pay £2.1 million to over 34,000 workers who were due the national minimum wage. HMRC conducted investigations into breaches that occurred between 2011 and 2018. Employers have…
Marriage Allowance Nearly 1.8 million married couples and those in civil partnerships have signed up for the marriage allowance to save up to £252 a year in income tax HMRC is keen to remind taxpayers to sign up for the allowance after they get married. It is also worth bearing in mind that even if…
Commercial rent arrears & premises recovery The extension of the rent arrears moratorium may have been welcomed by some businesses but for landlords the options are limited. Commercial landlords have been put under serious strain by the government’s extension of the moratorium on commercial rent arrears and premises recovery to 25 March 2022. With the prospect…
Business owners at risk of penalties in digital tax overhaul Making Tax Digital will require tax returns to be submitted every three months, as opposed to the current annual tax return. Over the next five years, it will expand to include income tax and corporation tax, as well as VAT. More than 2m SME owners…
Fraud: Convictions & sentences Table of Contents Care home director banned for £518k hole in accounts A director of a care home has been disqualified for six years after business went into liquidation with no explanation for hundreds of thousands of pounds leaving company accounts By 2018 it was recommended that the company cease trading…
