Budget 2021 – Super Deduction
Introduction: Rishi Sunak has announced a “super-deduction” for investment in new plant, machinery and equipment (PME). Essentially, this is an enhanced form of capital allowances. For expenditure incurred from 1 April 2021 until the end of March 2023, companies can claim 130% capital allowances on qualifying plant and machinery investments. This results in a tax saving […]
HMRC announce changes to the penalties for late submissions
Introduction: The government are reforming sanctions for late submission and late payment. The changes will initially apply to VAT and Income Tax Self-Assessment (ITSA). The late submission penalties will apply to those who fail to meet their obligations to provide returns and other information requested by HMRC on time. However, you will no longer receive […]
Are you aware of the help and support available for the construction industry?
If you work within the construction industry, there are a number of online resources available to ensure that you are up to date with everything which you need to know. This includes a free course which will update you on things such as: Support available during coronavirus National Insurance contributions The Construction Industry Scheme (CIS) […]
The Kickstart Scheme UK – All That You Need To Know
What is the kickstart scheme and how does it work? The Kickstart Scheme provides funding to create new job placements for 16 to 24 year olds who are on Universal Credit and at risk of long term unemployment. Employers of all sizes (including start-ups) are able to apply for the funding which covers: 100% of […]
UK government has made changes to the plug-in vehicle grant scheme
As public awareness of the damages caused by motor vehicle pollution increases, a growing number of the population are looking to switch to electric, or hybrid, vehicles. Even for those who are not particularly environmentally conscious, switching to an electric vehicle has become more attractive due to government plans of stopping fossil-fueled car sales by […]
£20 million Brexit support for small and medium sized businesses
The UK officially leaving the EU has resulted in a number of new customs and tax rule changes when trading with the EU. As such, from 15 March 2021, smaller businesses are able to apply for grants of up to £2,000 to help them with the adaption process. This comes as part of the £20 […]
The Stamp Duty Land Tax Holiday Ends 30 June 2021
In his spring budget review, the Chancellor, Rishi Sunak announced a 3 month extension to the Stamp Duty Land Tax Holiday. However, this is due to end on 30 June 2021 which is rapidly approaching. This article summarises the details of the Stamp Duty Holiday so that you can take advantage of it while it’s […]
Bounce back loan borrowers now able to delay repayments for another 6 months
The Chancellor has announced that businesses which took out government-backed Bounce Back Loans will now have greater flexibility to repay their loans. Those who took out bounce back loans as a result of the covid-19 pandemic will now have the option to delay all repayments for a further 6 months, thanks to the ‘Pay as […]
VAT Reverse charge starts March 2021
From 1 March 2021 the domestic VAT reverse charge must be used for most supplies of building and construction services. The charge will apply to both standard and reduced-rate VAT services: for individuals or businesses who are registered for VAT in the UK reported within the Construction Industry Scheme What is reverse charge for VAT? […]
Record number of people miss UK self-assessment tax filing deadline
A record number of 1.8 million people have missed the deadline to submit their UK personal tax return, a figure that is almost double last year’s total and the highest in the system’s 24-year history. This just goes to show the devastating impact which 2020 and the coronavirus pandemic has had on all aspects of […]
