Advisory fuel rates

Advisory Fuel rates AFR March 2021

Advisory Fuel Rates (AFR) – March 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 March 2021, increasing mileage rates for 1400-2000cc petrol vehicles by 1p per mile. The advisory fuel rates that apply from 1 March 2021 have…

VAT Deferral New Payment Scheme

VAT Deferral New Payment Scheme

VAT Deferral New Payment Scheme is now open Table of Contents Overview of VAT Deferral New Payment Scheme If you are one of over half a million businesses who deferred their VAT payments last year, you can now join the VAT Deferral New Payment Scheme online to pay in smaller monthly instalments. To benefit from…

What to expect in Budget 2021

What to expect in Budget 2021?

What to expect in Budget 2021? Table of Contents What to expect in Budget 2021? On 3rd March, Chancellor Rishi Sunak is set to deliver the government’s Budget for 2021, which is expected to set out further plans to help the British economy.   Chancellor Sunak said, “I know how incredibly tough the past year…

HMRC temporarily waives late payment penalties

Late payment penalties temporarily waived by HMRC

Late payment Penalties temporarily waived by HMRC Self-assessment taxpayers will not be charged a 5% late payment penalty if they pay their tax or set up a payment plan by 1 April, HMRC has announced The payment deadline for self-assessment is 31 January and interest is charged from 1 February on any amounts outstanding. Normally,…

Negative interest rate

Are we heading towards negative interest rate?

Are we heading towards negative interest rates? Table of Contents What is negative interest rate? Negative interest rates occur when borrowers are credited interest rather than paying interest to lenders. Negative interest rates also mean that commercial banks would have to pay to leave money with Bank of England, as opposed to receiving interest on…

Tax return deadline extension and payment plan

Tax return deadline extension and payment plan

Tax return deadline extension and payment plan Tax return Deadline extension HMRC has announced that Self Assessment customers will not receive a penalty for filing their 2019-20 tax return late, as long as they file online by 28‌‌ ‌February 2021. HMRC are still encouraging customers who have not yet filed to do so by 31‌‌ ‌January, if possible.…

VAT Reverse charge Construction sector

VAT Reverse charge Construction sector

VAT Reverse charge Construction sector Table of Contents Overview Are you in construction industry and VAT registered? The Construction Industry Scheme (CIS) VAT reverse charge will apply to your services from 1 March 2021. The measure was due to commence in October 2019 but has been delayed twice due to Brexit and the Coronavirus. This…

Green Homes Grant

Green Homes Grant

Green Homes Grant Table of Contents Overview of Green Homes Grant: Are you a Homeowner or residential landlord? You can apply for a “Green Homes Grant” voucher towards the cost of installing energy efficient improvements to your home. These Improvements could include insulating your home to reduce your energy use or installing low-carbon heating to…

New CIS Rules

New CIS Rules

New CIS Rules New CIS Rules – Legislation to tackle construction industry scheme abuse The government is introducing legislation making four changes to the Construction Industry Scheme (CIS) rules in a bid to tackle abuse and strengthen HMRC’s powers to act, which are set to impact contractors, of whom around 250,000 are registered for the…

Furlough and zero hours workers

Furlough and zero hours workers

Furlough & Zero hours workers Furlough & Zero hours workers The Coronavirus Job Retention Scheme has been extended until 30 April 2021. Claims for furlough days in December 2020 must be made by 14 January 2021. Can I furlough zero-hours workers under the JRS extension? Yes, you can. Any employee can be furloughed as long…

Work from home tax relief

Work From Home Tax Relief

Work From Home Tax Relief Table of Contents Overview of tax relief on work from home: Working from home? Don’t forget to claim tax relief on additional household costs. Additional costs include heating, metered water bills, business calls, new broadband connection etc. They do not include mortgage interest, rent, council tax or any other cost…