Latest News

Who commits most fraud?

Large multinationals with aggressive growth cultures are more susceptible to ‘cooking the books’ than smaller struggling ones, according to a new study published in Justice Quarterly. Researchers from three US universities examined the characteristics of more than 250 top corporations that were caught committing financial securities fraud by the US’ Securities and Exchange Commission. “Prestigious companies, those that are household

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Online VAT deferral scheme now open

Over half-a-million businesses that deferred VAT payments in 2020 can now join the new online VAT Deferral New payment Scheme to pay what they owe in monthly instalments, HMRC has announced. To take advantage of the new payment scheme businesses will need to have deferred VAT payments between March and June 2020, under the VAT Payment Deferral Scheme. They now

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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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Changes to the National Minimum Wage

From 1 April 2021, the National Minimum Wage is increasing, and the age from which workers become eligible for the higher National Living Wage will be lowered. This means that from 1 April workers aged 23 and over will now also be entitled to be paid at least the National Living Wage. HMRC said that employers should make sure they

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New advisory fuel rates for company cars

HMRC has published the latest advisory fuel rates for company car users, effective from 1 March 2021. The previous rates, effective December 2020, can be used for up to one month from the date the new rates apply. The new advisory rates (amount per mile) are: Petrol: 1400cc or less – 10p; 1401cc-2000cc – 12p; over 2000cc – 18p LPG:

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HMRC updates – revised self-assessment time lines and support available

The government have announced England’s route out of the pandemic, as long as the role out of the vaccination program continues. However, the pandemic continues to impact our way of life, it’s never been so important to manage your client’s finances and plan ahead. Understanding the latest tax changes and how they will affect your client can be hard to

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Scotland extends business rates holiday

Scottish finance secretary Kate Forbes has announced the extension of the country’s business rates holiday for another year. She said that the tax relief will apply to businesses in retail, leisure, hospitality and aviation, all of which have been badly hit with forced closures during the pandemic. The holiday will last until April 2022. The pressure is now on Chancellor

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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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