Blog
Keep up to date with the latest news and updates on accounting, tax and business.
Corporation Tax Increase and impact on small businesses
In the March 2021 Budget, the UK government announced an increase in the corporation tax rate from 19% to 25% starting from April 2023. This represents the first major increase in corporation tax in over a decade and is intended to help address the significant...
HMRC’s April interest rate cut
HMRC’s official rate of interest has been cut from 2.25% to 2% from 6 April 2021. This will affect any directors or employees who have a beneficial loan from their employer, as well as directors who have an overdrawn current account with their company. The official...
VAT cut extended until March
The temporary reduced standard VAT rate of 5% for the tourism and hospitality sector was due to end on 12 January, but has now been extended to 31 March 2021. With Covid-19 restrictions continuing for the foreseeable future, this winter is likely to be quite...
Business Bounce Back Loans
The application date for the Bounce Back Loan Scheme (BBLS) has now been extended to 30 November, and the loan repayment process made more flexible. To date, the BBLS has provided more than a million loans between £2,000 and £50,000 to businesses affected by the...
Another Autumn Budget deferred
After heavy hinting from the Treasury for some weeks, the expected Autumn Budget has been pushed into spring 2021, with tax rises on the cards. Since the March Budget and through to August, the expectation was that the Chancellor, Rishi Sunak, would introduce his...
Cut-back support announced for employees and self-employed
The latest pandemic support measures are much less generous than before. Even though the Chancellor cancelled this year’s Autumn Budget, he still made an early autumn appearance before the House of Commons to announce his ‘Winter Economy Plan’. He announced new...
Rise in Tax scams
Given the amount of Covid-19 financial assistance available, it comes as no surprise that there is an increase in HMRC-related scams this year. What is worrying is that scammers have become more sophisticated; it is no longer a matter of simply ignoring emails...