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04 January 2021

The government announced plans as part of the Spring Budget 2020 measures to introduce new measures to tackle the scourge of plastic waste by introducing a new Plastic Packaging Tax. It has now been confirmed that the new tax is expected to come into effect from April 2022.

The tax will not apply to any plastic packaging which contains at least 30% recycled plastic or any packaging...

04 January 2021

The UK Internal Market Act 2020 received Royal Assent on 17 December 2020 and came into force on 1 January 2021 following the end of the Brexit transition period. The new Act ensures that businesses can continue to trade seamlessly across all four parts of the UK as the EU’s internal market rules have come to an end. 

The UK Internal Market Act 2020 establishes 2 principles (the Market...

04 January 2021

The Help to Save scheme was launched by the government in September 2018 to help those on low incomes to boost their savings. Under the scheme, those eligible could save between £1 and £50 every calendar month and receive a 50% government bonus. The 50% bonus is payable at the end of the second and fourth years and is based on how much account holders have saved.

The first bonus payment...

04 January 2021

There are two schemes for claiming R&D tax relief - the Small or Medium-sized Enterprise (SME) Scheme and the R&D Expenditure Credit (RDEC) Scheme for large companies.

The SME scheme offers more generous reliefs to qualifying companies. The amount of R&D tax relief available depends on the total qualifying spend on R&D activities. A company is defined as an SME if staff...

04 January 2021

Children born after 31 August 2002 and before 3 January 2011 were entitled to a Child Trust Fund (CTF) account provided they met the necessary conditions. These funds were long term saving accounts for newly born children. The first of these children who qualified began turning 18 years of age from 1 September 2020.

For most young adults, the process is straightforward. However, if a...

04 January 2021

The Construction Industry Scheme (CIS) is a set of special rules for tax and National Insurance for those working in the construction industry. Businesses in the construction industry are known as contractors and subcontractors. Under the scheme, contractors are required to deduct money from a subcontractor’s payments and pass it to HMRC. The deductions count as advance payments towards the...

03 January 2021

There really hasn’t been much to feel merry about during the recent holiday period.

Lock-down and the need to socially distance has kept many of us under virtual house arrest.

Thankfully, the recent announcement that the Oxford vaccine has been cleared for use offers some hope that by Easter or early summer we may be able to return to pre-COVID conditions. Can you imagine walking...

03 January 2021

True to predictions, Boris Johnson and his team achieved a trade deal with the EU to operate from 1 January 2021, and although there are generally no tariffs to pay on the movement of goods back and forth, this is far from free movement of goods.

Importers from and exporters to the EU will now need to deal with a raft of additional customs documentation. Firms affected who do not have...

21 December 2020

The Social Security Contributions (Disregarded Payments) (Coronavirus) (No. 2) Regulations 2020 will come into force on 25 January 2021 to provide that payments made by employers to employees to cover or reimburse the costs of coronavirus (COVID-19) antigen tests are to be disregarded for NICs purposes, and so there will be no NICs liability for either the employer or the employee. The...

20 December 2020

1 January 2021 - Due date for Corporation Tax due for the year ended 31 March 2020.

19 January 2021 - PAYE and NIC deductions due for month ended 5 January 2021. (If you pay your tax electronically the due date is 22 January 2021)

19 January 2021 - Filing deadline for the CIS300 monthly return for the month ended 5 January 2021. 

19 January 2021 - CIS tax deducted for the...

17 December 2020

During an announcement to Parliament today, 17 December 2020, the Chancellor confirmed the following:

  1. An extension of the furlough scheme until the end of April 2021,
  2. The date for Budget 2021 has been fixed as 3 March 2021, and
  3. Businesses will have until the end of March 2021 to apply for Government backed, Bounce-Back and other loan schemes.

In a...

17 December 2020

From 1 January 2021, businesses will be able to account for import VAT on imports into Great Britain (England, Scotland and Wales) from EU and non-EU countries. Businesses in Northern Ireland will be able to use the postponed VAT accounting for goods imported from outside the UK and EU. The normal rules setting out what VAT can be reclaimed as input tax will apply.

HMRC’s guidance on...

17 December 2020

Independence is a cultivated concern. We all want to be self-sufficient.

In a business environment this might manifest as having a separate Wi-Fi source even though it may be possible to share Wi-Fi with a number of business neighbours and divide the cost between you?

There will always be what-ifs to this type of co-operative effort but if the cost sharing made a joint...

17 December 2020

According to proposals set out in a government policy paper, the revised rates for statutory maternity pay (SMP), statutory adoption pay (SAP), statutory paternity pay (SPP), statutory shared parental pay (ShPP), statutory parental bereavement pay (SPBP) and statutory sick pay (SSP) for tax year 2021/22 are to be as follows:

  • the standard weekly rates of SMP, SAP, SPP, ShPP and SPBP...

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