Crypto assets businesses – Risks, security & anti-money laundering rules Table of Contents The Financial Conduct Authority (FCA) announced on June 3 that the expiry date of its temporary registrations regime (TRR) for crypto asset enterprises would be extended from 9 July 2021 to 31 March 2022. This delayed deadline permits crypto asset companies to…
Recent tax changes for UK property investor The Chancellor announced a wide range of tax measures in the Spring 2021 Budget, with a particular emphasis on stimulating capital spending as a means of achieving economic recovery. Despite the announcement of revisions to the corporate tax rate, there was no rise in the capital gains tax…
Shared parental leave – Online HMRC tool The government has launched an online tool to help expectant parents share time off in the early stages of their baby’s life, allowing them to check eligibility and pay entitlement Expectant parents will find it easier to access and comprehend Shared Parental Leave and Pay thanks to the…
New EU VAT rules from 1st July 2021 The reforms coming in under the EU’s program for Modernizing VAT for Cross-Border E-Commerce were set to take effect on July 1, 2021. The amendments, which were supposed to take effect on January 1st, were designed to simplify VAT responsibilities for enterprises making cross-border deliveries of goods…
Weekly update 2 July 2021 Welcome to the latest edition of our weekly update. Small Business Updates The federation of small businesses is calling on the government to extend its support for small firms after the lifting of lockdown restrictions was delayed. Calls to extend Covid support for small businesses. Restrictions were meant to be…
Chancellor Sunak’s debut speech at Mansion House UK roadmap for financial services Chancellor Rishi Sunak announced his ambitious blueprints to turn the UK into the ‘most advanced and exciting’ financial services hub, while delivering his debut speech at Mansion House, the Lord Mayor’s residence. During this major speech, Chancellors’ plans were announced which aim to…
Tax filing deadlines July 2021 A handy guide on tax filing deadlines in July 2021 from Naail & Co 1 July Corporation tax due for accounting periods ended 30 September 2020 (where not payable by instalments) 5 July Deadline for applying for a PAYE settlement agreement (PSA) to have effect for the first time for…
HMRC launches probes into Covid scheme fraud Table of Contents How many arrests have been made so far in relation to Covid scheme fraud? HMRC revealed that as of 28 March 2021, five individuals had been arrested in relation to Coronavirus Job Retention Scheme (Furlough scheme) and three in relation to Eat out to help…
Furlough structure changes(July, August & September 2021) Overview of changes in Furlough structure By designating your employees as “furloughed”, you have been able to recover a portion of employee wage costs up to a £2,500 cap. As confirmed by the Government Budget delivered on 3 March 2021, the scheme will continue to operate until the…
Stamp duty holiday tapers off from 1st July 2021 Key points: The holiday saw stamp duty on transactions of properties up to £500,000 in England and Northern Ireland cut to 0% The holiday will enter an interim period until 30 September 2021 The temporary holiday for stamp duty land tax is set to start tapering…
Business rates support tapers off Businesses and firms across the UK are preparing to restart property tax payments as the current £13.8bn business rates holiday begins to taper off on 30 June 2021. What will be the revised business rates relief? From 1 July, and for the remaining nine months of the financial year, the…
HMRC’s IR35 CEST tool showed over 200,000 workers as “undetermined” Data published by HMRC show that the tax authority’s IR35 CEST status checker tool determined that 210,000 workers were labelled as ‘undetermined’ when figuring out their employment status. On June 24 2021 HMRC released usage data for Check Employment Status for Tax (CEST) the data…
