Government

Instalment option for taxpayers who owe the taxman

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. Usually, a 5% late payment penalty is charged on any unpaid tax that is still outstanding on 3 March. But this year, because of the impact of the pandemic, HMRC is giving taxpayers more

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Pension age set to rise

The minimum pension age is set to increase to 57 in 2028, following the publication of a government consultation. Currently, retirement funds can be accessed when people reach 55, but the government feels the time is now right for a two-year increase. It is being argued that increases in longevity and changes in the expectations of how long we will

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HMRC admits error with furlough calculator

A glitch in HMRC’s CJRS calculator means employers may need to recalculate furlough claims made for January 2021. HMRC discovered a mistake in its CJRS calculator just days before the 15 February deadline for CJRS claims for January. It says the error could lead to claims being overstated or understated. HMRC said: “We’re afraid our CJRS calculator on GOV.UK contained

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New £1,000 incentive to employ young people

Companies who employ young trainees can now apply for a £1,000 government grant to help them with employment and training costs. The new scheme will support young people to gain the skills and experience they need, helping them to get a job, an apprenticeship or pursue further study, the government said. The cash boost is available until 31 July 2021.

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Government has late paying firms in its sights

An overhaul of the Prompt Payment Code (PPC) to crack down on late payment of invoices to small businesses has been announced by the government. Under new reforms, companies that have signed up to the Prompt Payment Code will be obliged to pay small businesses within 30 days – half the time outlined in the current Code. Despite almost 3,000

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25,000 taxpayers set up monthly payment plans

Almost 25,000 self assessment taxpayers have set up an online payment plan to manage their tax liabilities in monthly instalments, totalling £69.1 million, HMRC has revealed today. In October, HMRC increased the threshold for self-serve Time to Pay arrangements from £10,000 to £30,000 for self assessment taxpayers. Once they have completed their 2019-20 tax return and know how much tax

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EY launches free Brexit App

EY has launched a free Brexit App, designed to help businesses access government notices, regulatory updates and guidance, as well as providing updates with key developments. Designed to help businesses prepare for the end of the transition period and beyond, the app provides access to: The latest UK Government and EU guidance. Direct links to the Brexit webpages of key

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Commercial tenant eviction ban extended to March

The UK’s ban on commercial property eviction has been extended to March 2021, the government has confirmed. It also said that this will be the final extension of the initiative, which was originally supposed to end in September. A government statement said the move “will give landlords and tenants three months to come to an agreement on unpaid rent”. Robert

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New lockdown grants of £4.6 billion unveiled

Businesses in retail, hospitality and leisure impacted by the new lockdown will be able to access additional grants of up to £9,000 per premises – with £4.6 billion being made available across the UK. This support comes in addition to business rate relief and the furlough scheme, which has been extended until the end of April. Local authorities have also

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