Month: April 2021

Deferred VAT Penalties

We’ve talked before about the COVID VAT Deferral Payment Scheme, which enables businesses to spread the payments of VAT that was deferred from the first quarter of 2020. HMRC has now confirmed the penalty that companies will be charged who do not pay any Deferred VAT in full or make an arrangement to pay by […]

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It’s Tax Return Information Time!

It feels like we’ve only just finished one cycle of Personal Tax Returns, but we’ve passed another financial year end, so it’s time to start thinking about the next one! There are lots of benefits in getting your Tax Return for the year ended 5th April 2021 completed sooner rather than later: You can get […]

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HMRC Issues Scam Warning

In the last year, HMRC has received 975,420 referrals of suspicious contact from taxpayers, with 552,885 of these relating to bogus tax rebates. This figure is a staggering 71.3% higher than in 2019. A large proportion of these reports relate to COVID-19, in particular Furlough Scheme and Business Grants, though there have been 450 variations […]

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HMRC Tax Refunds Delayed

HMRC is delaying the payment of self-assessment tax refunds without extensive and onerous information, says accountants Hillier Hopkins. The accountants have seen a dramatic increase in letters from HMRC to clients demanding extensive documents and information that it calls ‘security procedures’ to make sure the ‘repayment amount claimed is correct’. ‘These security checks are unusual […]

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2021 Growth Forecasts Improve

The UK economy will grow by 6.8% in 2021 according to the EY Item Club’s spring forecast, up from the 5% predicted in their winter forecast. That forecast would put growth at the fastest rate since the second world war. According to the economic forecasting group, the higher rate of growth is partly because the […]

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Recovery Loan Scheme – the detail!

The Recovery Loan Scheme (RLS) was announced by Rishi Sunak as part of the recent Budget. Set to run until 31st December 2021, this replaces Coronavirus Business Interruption Loans (CBILS) and Bounce Back Loans (BBLS) which both ended on the 31st March. Key features of the scheme include: Facilities starting from £1,000 for invoice finance […]

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